2 Charts: Gold climbs to 7-year high after Fed’s stocks, growth warnings – My Comments
2008: S.Africa: Oprah Winfrey, Racist diva of double standards
Ms Winfrey openly and shamelessly admitted that her new school was not only racist, but also sexist. She opened an elite school only for Black Girls in SA.
[Since 2017, I have been saying that Gold has bottomed. I think Gold will be flying high until the late 2020's. So gold is rocking … and with Alex Linder, on our show that I was stupid enough to lose, he was talking about Bitcoin also as a long term investment. Those are the only two things that the two of us recommend. I think we might even be slowly on our way to WW3. I think the Jews want that badly. This is a market report from South Africa. Jan]
Gold rose to the highest in more than seven years after the Federal Reserve said stocks and asset prices could suffer a significant hit from coronavirus, and warned the process of economic recovery may stretch through until the end of next year. Palladium surged more than $100 in 20 minutes.
Commercial real estate could be among the hardest-hit industries should the health crisis deepen, the US central bank said in its twice-yearly financial stability report Friday. Separately, Chairman Jerome Powell said in an interview with CBS that a full recovery of the US economy could drag through 2021 and depends on the delivery of a vaccine.
Bullion has surged 16% this year as the spread of the virus curbed economic growth, roiled markets, and prompted vast amounts of stimulus to be unleashed by governments and central banks. Further bolstering the case for the metal has been recent speculation US interest rates could go negative, while holdings in gold-backed exchange-traded funds are at a record.
Spot gold climbed as much as 1.2% to $1,763.70 an ounce, the highest since October 2012, and traded at $1,760.85 at 11:06 a.m. in Singapore.
“Financial markets can best be described as factoring in the best-case scenario, with economic stimulus leading to a rapid recovery,” said Gavin Wendt, senior resource analyst at MineLife Pty. “The reality is likely to be quite different and there is the prospect that no vaccine will be developed. The recovery is probably set to be more problematic than the optimists think, with gold set to benefit from the enormous boost to money supply that is going to ensue.”
Monday’s gain in gold comes after data released Friday underscored how hard virus-related shutdowns have hit the world’s largest economy. US retail sales and factory output registered the steepest declines on record in April.
Powell is due to appear along with Treasury Secretary Steven Mnuchin before the Senate Banking Committee on Tuesday. Fed officials including Powell have consistently batted the idea of negative interest rates away, and he did so again on Sunday, saying that it’s probably not an appropriate or useful policy for the US, according to a transcript of the full interview.
In other precious metals, silver climbed as much as 4% and platinum advanced 3%.
Palladium jumped as much as 8.3%, the most since March 25, before trading 3.9% higher at $1 955.85. The surge comes even after MMC Norilsk Nickel PJSC said last week demand may drop 16% this year, the most in almost two decades. The metal, alongside platinum, has found some recent support from operational curbs in South Africa.
2004: S.Africa: 50,000 School Leavers expected to Fake Matric Certificates
Blacks falsify their Matric results! Why Black school leavers are expected to try to falsify their matric certificates.
