Will COVID19 Push Gold to 5,000?

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◆ Yes is the short answer.
◆ Given the scale of the crisis, gold at $5,000 could happen sooner than most expect and it is only a matter of time (see table below).
◆ It is not the Covid-19 panic that will push prices higher. An economic, financial and monetary crisis was inevitable anyway. The pandemic is accelerating and exacerbating this inevitable crisis.
◆ Gold is outperforming other assets and has delivered a 12% dollar return in 2020 year to date. Gold has seen even greater returns in other currencies and is 15% higher in euros and 19% higher in pounds year to date


2020 YTD Performance Table

◆ Gold fell for a few days after the Lehman collapse but ended 2008 higher by 5.6% and it continued its gains in 2009, 2010 and in the sovereign debt crisis of 2011 and 2012
◆ We are witnessing “helicopter money” and currency debasement on a scale never seen before in history which will see dollars, euros, pounds and all currencies devalue versus gold
◆ Be well and All the best from Stephen, Mark and the GoldCore Team


Currency is being created ‘on scale never seen before in the history of mankind’





NEWS and COMMENTARY

Gold Futures Markets Are Being Haunted by Signs of Dislocation Again

Gold inches up on weak dollar, pandemic peaking hopes cap gains

Exchange traded funds’ gold stash swells to record 3,185 tonnes – WGC

Fed will keep rates near zero until economy has ‘weathered’ coronavirus impact, minutes show

Dow ends 770 points higher as investors eye re-opening of economy, more Fed support



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

08-Apr-20 1649.05 1647.80, 1328.27 1330.27 & 1517.00 1513.14
07-Apr-20 1652.20 1649.25, 1344.23 1333.75 & 1519.53 1511.21
06-Apr-20 1636.60 1648.30, 1330.72 1341.06 & 1515.49 1526.66
03-Apr-20 1609.75 1613.10, 1310.66 1315.97 & 1490.47 1495.34
02-Apr-20 1588.05 1616.80, 1277.59 1307.02 & 1452.27 1489.72
01-Apr-20 1594.25 1576.55, 1288.95 1270.23 & 1457.94 1442.86
31-Mar-20 1604.65 1608.95, 1299.61 1296.81 & 1461.52 1468.81
30-Mar-20 1624.35 1618.30, 1312.56 1305.97 & 1466.88 1466.02
27-Mar-20 1621.20 1617.30, 1325.33 1316.16 & 1473.18 1469.48
26-Mar-20 1620.10 1634.80, 1361.37 1358.19 & 1480.12 1487.01
25-Mar-20 1620.95 1605.45, 1357.22 1371.38 & 1494.84 1486.17


Editors Note: The shortage of gold bullion coins and bars continues and may deepen as prices move higher. It is not just smaller one ounce bullion coins and bars that are difficult to source but also larger gold and silver bars including gold kilo bars (32.15 ozs) worth and 1,000 oz silver bars. Due to our direct relationships with government mints and refineries we continue to source large bars and some gold coins and bars in 1 oz formats. Silver coins in 1 oz format are not available from the government mints yet.


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Mark O'Byrne

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