Gold Hits $2,000 For the First Time In History As Dollar Extends Declines

[RonZeplin]

Gold is above $2000 now, Silver is close to $26. Armageddon 2020.

Gold Hits $2,000 For the First Time In History As Dollar Extends Declines

As central banks and governments around the world pledge more than $20 trillion in spending to combat the coronavirus pandemic, gold has rallied to the highest levels on record.

Gold prices hit an all-time of $2,000 per ounce Tuesday, extending a year-to-date gain that has driven a rally in bullion and prompted the largest inflows into gold ETFs in history.

Spot gold prices traded at $2,000 per ounce in early New York dealing, rising 1.7% on the session as the U.S. dollar struggled to hold gains against a basket of its global peers. The gain extends gold's year-to-date advance to just over 31.5% Comex gold futures for August delivery, meanwhile, rose 1.65% to $1,998.40 per ounce.

Data from the World Gold Council, published last week showed that flows into gold-backed ETFs have risen to 734 tonnes over the first half of the year, an all time high that surpasses the previous record set in 2009.

The SPDR Gold Trust ETF GLD, the world's largest, was marked 1% higher in Tuesday at $187.37 each, a move that would take its three-month gain to around 28%.

Gold's rise has largely paralelled an historic decline in the U.S. dollar, which as fallen nearly 10% against a basket of its global peers since mid-March, when the Federal Reserve first said it will buy an unlimited amount of government debt, as well as corporate and municipal bonds, in the biggest expansion of its balance sheet in history, which now stands at more than $7 trillion.

Central banks and governments around the world, in fact, have spent or committed more than $20 trillion in financial support for the global economy since the coronavirus outbreak, putting downward pressure on fiat currencies and increasing the value of hard assets such as gold and silver.

Benchmark 10-year U.S. Treasury note yields, meanwhile, fell to the second-lowest levels on record Tuesday, slumping 4 basis points to 0.511%, even after the Treasury itself said it would borrow $947 billion over the three months ending in September, thanks in part to the costs linked to various government coroanvirus support pledges. Another $1.216 trillion will be sold between October and December, the Treasury said.

The U.S. dollar index, which tracks the greenback against a basket of six global currencies and has largely been the market's preferred tool to express concerns for government spending largess, was marked 0.12% lower at 93.444, extending its decline from late March to around 9.5%.

https://www.thestreet.com/investing/...tends-declines



Real money, Silver Ron Paul liberty dollars - $20.

[tfurrh]

Nature's first green is gold

[devil21]

CFR calling an end to the FRN global dollar standard. This article comes straight from the London bankers.

https://www.foreignaffairs.com/artic...ollar-hegemony

[Pauls' Revere]

The alphabet agencies can destabilize a region and create demand for dollars out of thin air. (hehehehe)

[Pauls' Revere]

CFR calling an end to the FRN global dollar standard. This article comes straight from the London bankers.

https://www.foreignaffairs.com/artic...ollar-hegemony

You must spread some Reputation around before giving it to devil21 again.

[Anti Globalist]

CFR calling an end to the FRN global dollar standard. This article comes straight from the London bankers.

https://www.foreignaffairs.com/artic...ollar-hegemony

How convenient they're calling for this in a middle of a pandemic.

[r3volution 3.0]

There's no need for any conspiratorial explanations.

Countries trying their best to imitate Venezuelan economic policies don't get to have reserve currencies.

P.S. On a related note:

https://www.cnbc.com/2020/08/04/the-...tion-soon.html

In the next few months, the Federal Reserve will be solidifying a policy outline that would commit it to low rates for years as it pursues an agenda of higher inflation...

Recent statements from Fed officials and analysis from market veterans and economists point to a move to “average inflation” targeting in which inflation above the central bank’s usual 2% target would be tolerated and even desired...

One implication is that the Fed would be slower to tighten policy when it sees inflation rising...

“We believe that the Fed publicly would welcome inflation in a range of 2% up to 4% as a long overdue offset to inflation running below 2% for so long in the past,” said Ed Yardeni, head of Yardeni Research...

There are two lessons here.

The first is that there's going to be more inflation, though that should surprise no one.

The other is a lesson in Fed-speak. When they say they're willing to "tolerate" more inflation, that's their attempt at convincing you that they have a choice, when, in fact, it is now politically impossible for the Fed to ever tighten again. This is like Baghdad Bob saying that the explosions behind him are just demolition work for an urban redevelopment project.

[oyarde]

Danke is gonna be rich . Hopefully he'll buy me some beer.

[mrsat_98]

1997 and change

[sam1952]

Take a look at palladium... wow