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Thread: Gold Soars To $1,650: Blame Coronavirus, Or The Fed?

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    Gold Soars To $1,650: Blame Coronavirus, Or The Fed?

    Gold Soars To $1,650: Blame Coronavirus, Or The Fed?



    The price of gold, the supreme money, has been steadily rising and topping $1,650. Since September of last year, the Federal Reserve has been printing new money at a voracious pace. While all of this new money is being created, the Coronavirus is affecting economic output. The tinderbox of rising prices continues to heat up.
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    It didn't make any sense to me that gold dropped so strongly yesterday (Friday 2/28) when the market was down $1,000. When the market recovered in the last 10 minutes or so (from down $1,000 to down like $400) gold stayed way down and didn't really recover at all. I see that gold is going up right now (by $20 at the moment) during off-hours trading. You can find that here, if interested:

    https://www.marketwatch.com/investing/future/gold

  5. #4
    Quote Originally Posted by BortSimpson View Post
    It didn't make any sense to me that gold dropped so strongly yesterday (Friday 2/28) when the market was down $1,000. When the market recovered in the last 10 minutes or so (from down $1,000 to down like $400) gold stayed way down and didn't really recover at all. I see that gold is going up right now (by $20 at the moment) during off-hours trading. You can find that here, if interested:

    https://www.marketwatch.com/investing/future/gold

    https://www.marketwatch.com/story/th...cks-2020-02-28

    some explanation there.

  6. #5
    Quote Originally Posted by Warlord View Post
    Interesting. As a counterpoint, though, there was an interview on the "Quoth The Raven" podcast (link below) where Bill Fleckenstein said he couldn't imagine that very many people who owned the type of stocks that have been going up would also be the types of people who would also own gold.

    As far as this explanation from the article: "Physical transaction in China and India are typically conducted face to face, and we anticipate that these transactions are going to plummet as the coronavirus crisis plays out", gold and silver have come back up the past couple of days and I can't imagine the face to face transactions have increased significantly since last Friday.

    As far as why the Dow rose ~650 points the last 10-15 minutes on Friday, I'm starting to think it was due to traders predicting that the Fed would ease this week (which would cause the Dow to rise). Good call by those people, if so, based on yesterday's rise. (though who knows if they were smart enough to sell before today, considering the Dow dropped almost 800 points)

    This link has the link to the podcast:
    https://www.zerohedge.com/markets/bi...nce-crisis-fed
    Last edited by BortSimpson; 03-03-2020 at 05:13 PM.



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