Irish Times: Gold Buying Surge Seen By GoldCore Due To Deepening Economic Concerns


Source: Wikimedia Commons

Gold prices surge as coronavirus fears impact on equities. Gold rose more than 2.5% to a seven-year high on Monday of $1,688 per ounce.

(Irish Times) Irish gold brokers GoldCore said on Monday that it had witnessed a massive spike in transactions on foot of the jump in coronavirus cases outside China.

Fears of a global pandemic and the potential disruption to supply chains has sent investors scrambling to the security of gold and government bonds.

“Investors are allocating an increasing portion of their assets to safe haven gold. They fear a recession, systemic risk from banks, negative interest rates and the risk from a stock market crash,” Dublin-based GoldCore’s chief executive Stephen Flood said.

Gold prices surged more than 2.5 per cent to a seven-year high on Monday of $1,688 per ounce, while gold in euros hit an all-time peak of €1,560 per ounce.

“Today was the busiest day on record for GoldCore, with stored assets hitting $100 million,” Mr Flood said.

The surge in coronavirus cases wiped $436 billion off the value of European stock markets on Monday. Italian shares suffered their worst day since 2016, as Italy reported the biggest flare-up of the virus in Europe with four deaths and more than 150 infections.

The pan-European Stoxx 600 dropped 3.8 per cent – its biggest intra-day percentage slump since Britain voted to exit the European Union in June 2016.

The Iseq index of Irish shares was down 4.3 per cent at 6,925. The decline was led by Ryanair, which declined by 13 per cent to €13.24 on fears the outbreak in Europe could hamper the travel industry.


NEWS and COMMENTARY

Gold ends nearly 2% higher as coronavirus fears set up test of $1,700

Gold surges to 7-year peak as pandemic fears spark safe-haven rush

Gold retreats from 7-year high, but virus fears limit losses

Asia share slide pauses, awaiting clarity on pandemic risk

Japan stocks plunge more than 3% as virus fears grow; Malaysia markets edge higher despite political chaos

China’s Xi rallies people back to work as country continues to battle virus outbreak

Drugmaker Moderna Delivers First Experimental Coronavirus Vaccine for Human Testing

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

24-Feb-20 1682.35 1671.65, 1304.49 1293.69 & 1555.84 1540.26
21-Feb-20 1633.70 1643.30, 1264.81 1269.12 & 1512.48 1515.29
20-Feb-20 1610.35 1619.00, 1250.11 1258.45 & 1491.99 1496.77
19-Feb-20 1609.50 1604.20, 1239.80 1237.80 & 1490.40 1486.29
18-Feb-20 1588.20 1589.85, 1218.47 1220.37 & 1467.34 1470.77
17-Feb-20 1580.30 1580.80, 1212.41 1215.16 & 1457.04 1458.29
14-Feb-20 1576.35 1581.40, 1209.60 1214.20 & 1453.08 1456.79
13-Feb-20 1575.00 1575.05, 1213.55 1207.59 & 1447.27 1450.94
12-Feb-20 1566.75 1563.70, 1206.55 1206.55 & 1434.83 1434.54
11-Feb-20 1567.70 1570.50, 1212.77 1211.33 & 1436.01 1438.26


SIGN UP FOR OUR AWARD WINNING MARKET UPDATES HERE



Mark O'Byrne

Also on news-goldcore-com

Videos

The Black Friday Stock Market Crash – Gareth Soloway

Inflation Is Everywhere – Kevin Muir Macro Tourist

Inflation Is Here: Peter Boockvar

Blog posts

The Black Friday Stock Market Crash – Gareth Soloway

Black Friday 2021 saw the largest stock market sell-off since 1931. Is this the start of a bigger crash, has the trend changed or is this just a one-time blip? We ask Gareth Soloway of InTheMoneyStocks.com what his charts are suggesting and why he is so bullish on gold Watch the Video to Learn More […]

READ MORE

Why Governments Hate Gold

Do governments hate gold?  The answer: Yes — Governments hate gold because they cannot print it, and it is difficult for them to control. Because they cannot print it or easily control it, gold has little use to them during the never-ending schemes to tax and then redistribute wealth. India is a recent example of […]

READ MORE

Gold and Bitcoin- Besties or Enemies?

Below is a graph of the gold price and Bitcoin since the beginning of the year. Many of the investors in gold and Bitcoin agree that money printing by central banks should stop. They also agree that governments should help people with special programs during a crisis but that once a crisis ends the government […]

READ MORE

Featured

How High is Too High for Rising Government Bond Yields?

READ MORE

Gold, the Tried-and-True Inflation Hedge for What’s Coming!

READ MORE

Silver – 7 Reasons it is Still Set to Soar

READ MORE
Newsletter
Category
Archives
Popular

No posts available

Videos

The Black Friday Stock Market Crash – Gareth Soloway

Inflation Is Everywhere – Kevin Muir Macro Tourist

Inflation Is Here: Peter Boockvar

Blog posts

The Black Friday Stock Market Crash – Gareth Soloway

Black Friday 2021 saw the largest stock market sell-off since 1931. Is this the start of a bigger crash, has the trend changed or is this just a one-time blip? We ask Gareth Soloway of InTheMoneyStocks.com what his charts are suggesting and why he is so bullish on gold Watch the Video to Learn More […]

READ MORE

Why Governments Hate Gold

Do governments hate gold?  The answer: Yes — Governments hate gold because they cannot print it, and it is difficult for them to control. Because they cannot print it or easily control it, gold has little use to them during the never-ending schemes to tax and then redistribute wealth. India is a recent example of […]

READ MORE

Gold and Bitcoin- Besties or Enemies?

Below is a graph of the gold price and Bitcoin since the beginning of the year. Many of the investors in gold and Bitcoin agree that money printing by central banks should stop. They also agree that governments should help people with special programs during a crisis but that once a crisis ends the government […]

READ MORE

Featured

How High is Too High for Rising Government Bond Yields?

READ MORE

Gold, the Tried-and-True Inflation Hedge for What’s Coming!

READ MORE

Silver – 7 Reasons it is Still Set to Soar

READ MORE