Gold Gains 3.3% In Week as Stocks Fall; S&P Fell 6% Yesterday and Is Down 4.5% In Week

1 Day Relative Asset Performance (Finviz)



Gold is 3.3% higher this week and acting as a hedge and safe haven again as stock markets globally see sharp selling pressure due to concerns about the appalling global economic outlook.

Gold has performed well despite the rout in stocks this week. U.S. stocks including the S&P 500 are down sharply with the S&P down 4.3%, the DAX and the Euro Stoxx 50 down more than 6%

Gold has seen similar gains in euros and pounds and silver is also higher but with a smaller 2% gain for the week.

With the risk of a U.S. and global depression increasing and U.S. stock indices near record highs, investors are being given another opportunity – potentially the last – to rebalance portfolios.


NEWS and COMMENTARY

Gold prices rise as global stocks sell off amid fears of a resurgence in U.S. coronavirus cases

Gold rises to near record high on grim Fed outlook

Stocks suffer their worst day since March, with the Dow plunging more than 1,800 points

UK Forecast To Suffer Worst COVID-Driven GDP Hit Of All Nations Worldwide

IMF says $10 TRILLION spent to combat pandemic, FAR MORE NEEDED

Federal Debt Tops $26 Trillion for First Time; Jumps $2 Trillion in Just 63 Days

Lebanese protesters shut down roadways with fires as currency collapses; threw petrol bombs at a central bank building





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

11-Jun-20  1731.90 1738.25, 1361.79 1373.74 & 1519.57 1528.10
10-Jun-20  1717.65 1722.05, 1346.64 1350.26 & 1511.88 1515.23
09-Jun-20  1707.50 1713.50, 1350.46 1348.87 & 1515.41 1510.62
08-Jun-20  1692.00 1690.35, 1333.97 1331.32 & 1496.91 1494.61
05-Jun-20  1709.55 1683.45, 1353.79 1327.91 & 1510.22 1490.53
04-Jun-20  1706.45 1700.05, 1363.97 1353.58 & 1523.86 1507.77
03-Jun-20  1717.60 1705.35, 1364.80 1355.41 & 1531.41 1519.81
02-Jun-20  1740.25 1742.15, 1385.76 1386.58 & 1556.83 1556.44
01-Jun-20  1734.80 1730.60, 1398.77 1393.13 & 1559.76 1556.16
29-May-20 1725.65 1728.70, 1401.92 1399.73 & 1550.15 1554.97
28-May-20 1723.30 1717.35, 1403.28 1398.27 & 1564.93 1556.61
27-May-20 1705.15 1694.60, 1385.95 1382.12 & 1552.71 1541.92
26-May-20 1722.75 1720.25, 1399.22 1393.57 & 1571.32 1566.63


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Mark O'Byrne

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