Gold Tests $1,700/oz Again Taking YTD Gains to 10% As Global Stocks Plunge

◆ Gold reached new multi year highs today, reaching its highest since December 2012 at $1,702.56 per ounce prior to profit taking in gold futures saw gold fall back to $1,670/oz.

◆ Gold prices rose above the $1,700 per ounce level for the first time in more than seven years, as stock market routs continued due to concerns about the impact of the rapidly spreading coronavirus

◆ The health crisis and economic crisis being triggered by the pandemic is impacting risk assets and driving investors towards safe haven gold which saw gains of over 6.5% last week and nearly 10% year to date.

◆ Global stocks are crashing with the Nikkei closing down 6%, the Euro Stoxx down 7.8%, the FTSE down 6.5% and S&P futures down another 5%

◆ Already massively overvalued stock markets are in full on crash mode as investors anticipate a severe recession or Depression as the coronavirus becomes the ‘straw that break’s the camel’s back’.

◆ Gold is one of the top performing assets in the last twelve months and so far in 2020 with a gain of 28% in the last 12 months and 10% year to date. Year to date losses in stock markets are between 12.75% on the S&P and losses of 19% on both the Nikkei and the Euro Stoxx 50.


Source: Thomson Reuters


NEWS & COMMENTARY

Gold slides from 7-year high as traders cover margins

Virus Jitters Power Gold By 6.8% In Week – Best Week in Four Years

Dow futures tumble 900 points as all-out oil price war adds to coronavirus stress

Oil plunges over 20% after Saudi Arabia slashes prices on OPEC deal collapse

Saudis Plan Big Oil Output Hike, Beginning All-Out Price War with a $8 a barrel price discount

OPEC deal collapse sparks price war: ‘$20 oil in 2020 is coming’

Greenspan Can’t Rule Out Negative Rates on 30-Year U.S. Bonds

North Korea has fired an unidentified projectile, South Korean military says


GOLD PRICES (USD, GBP & EUR – AM/ PM LBMA Fix)

06-Mar-20 1687.00 1683.65, 1296.80 1290.85 & 1490.13 1484.31
05-Mar-20 1647.45 1659.60, 1274.47 1284.70 & 1474.63 1482.69
04-Mar-20 1644.80 1641.85, 1286.73 1281.63 & 1475.06 1477.83
03-Mar-20 1599.05 1615.50, 1249.98 1260.25 & 1438.03 1446.03
02-Mar-20 1609.70 1599.65, 1258.79 1251.41 & 1451.47 1437.29
28-Feb-20 1626.35 1609.85, 1262.37 1254.88 & 1474.61 1468.18
27-Feb-20 1646.60 1652.00, 1278.58 1282.45 & 1505.32 1504.97
26-Feb-20 1647.95 1634.90, 1273.37 1264.76 & 1515.45 1505.42
25-Feb-20 1655.90 1650.30, 1275.54 1271.39 & 1528.06 1522.73
24-Feb-20 1682.35 1671.65, 1304.49 1293.69 & 1555.84 1540.26



Financial Contagion – What Are The Risks?



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Mark O'Byrne

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