Live Spot Gold
SPOT MARKET IS OPEN
closes in 3 hrs. 26 mins.Apr 30, 2020 13:34 NY Time
| Bid/Ask | 1687.20 / 1688.20 | |
| Low/High | 1677.10 / 1722.00 | |
| Change | -26.90 | -1.57% |
| 30daychg | +110.10 | +6.98% |
| 1yearchg | +404.10 | +31.49% |
| Alerts Charts |
Silver Price & PGMs
Apr 30, 2020 13:34 NY TimeKitco 10AM Silver Fix
| Silver | 14.81 | -0.46 |
| Platinum | 778.00 | 0.00 |
| Palladium | 1907.00 | +37.00 |
| Rhodium | 3700.00 | 0.00 |
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see the associated charts
WASHINGTON (Reuters, Thurs. April 30th, 2020) – Federal Reserve Chair Jerome Powell has sketched out an altogether bumpier ride for the U.S. economy than many are predicting – one that sees business activity stop and start for months to come, until an effective treatment or vaccine for the novel coronavirus can be found.
Since the novel coronavirus outbreak in the United States, economic growth stalled almost overnight as “stay at home” orders shut down large parts of the economy. Economists and Trump administration officials have been divided about how deep and long-lasting the economic impact will be.
Some still foresee a “V shaped” recovery, in which the economy rebounds quickly from a temporary shock. Life in the United States could return to “normal” by June, White House senior adviser Jared Kushner said on Wednesday, adding that “the hope is that by July the country’s really rocking again.”
Others predict a “U shape,” where it takes longer to bounce back. The idea of a “W-shaped” recovery has also steadily gained traction as health experts increasingly warn about a resurgence in virus cases come the fall, and with it, a new downturn in economic growth.
Just under half of 45 economists responding to a Reuters poll earlier this month said the U.S. economic recovery would be “U” shaped. Ten of those polled said it would be “V” shaped, and five said it would be “W” shaped. The poll was conducted before the price of a barrel of U.S. crude oil fell below zero.
In comments on Wednesday, Powell indicated he sees even more disruption than the “W” camp. He spoke at a press conference following the U.S. central bank’s latest policy meeting, at which the Fed reiterated it will use all its tools to support the economy.
Calling all current economic forecasts “highly uncertain,” Powell mapped out why he believes the economy may go through a series of peaks and troughs for at least a year or more as the world battles to keep the virus under control.
The United States has more than 1 million confirmed cases of COVID-19, the respiratory disease caused by the virus, and more than 58,000 people have died, the highest number in the world.
“We’re going to see economic data for the second quarter that’s worse than any data we’ve ever seen,” Powell said. After that, if more U.S. states begin to reopen and social distancing is gradually rolled back, the economy could begin to recover in, say, the third quarter, he said.
But that recovery could be fleeting, Powell cautioned. “This is the period as well that carries the risk of new outbreaks of the virus,” he said.
“After that period, the formal social distancing measures will be gone but you’ll still be left with probably a level of caution on the part of people who will worry and probably keep worrying for some time,” he went on, detailing why consumers, who drive two-thirds of U.S. economic growth, are unlikely to be out in force anytime soon.
GOLD PRICES EAS AFTER OVERNIGHT GAINS
(Kitco News) – Gold prices are posting only modest losses in early U.S. trading Thursday and have given up decent overnight gains that came amid bullish outside markets that include a weaker U.S. dollar index and sharply higher crude oilprices. Some more profit taking from the shorter-term futures traders has dinged gold and silver markets early today. Still, the technical posture for gold remains fully bullish, which will very likely continue to invite the chart-based traders to the long side of the market. June gold futures were last down $0.70 an ounce at $1,714.00. May Comex silverprices were last down $0.25 at $14.91 an ounce.
The just-released weekly jobless claims report, which has become the focal point of the marketplace in recent weeks, showed a rise of 3.84 million in new claims. The number was forecast to be 3.5 million. The report is a reminder of the dour state of the U.S. economy. The U.S. stock market also lost its overnight gains after the release of this report.
Global stock markets were mostly firmer in overnight trading. Some upbeat news Wednesday on a drug trial that lessens the effects of Covid-19 and a big rebound in crude oil prices are prompting better trader and investor risk appetite as April winds down today. Many U.S. states are now partially reopening their businesses.
Posted by :
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com