Gold Has Largest Dollar Gain Ever After Fed QE Infinity Move

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  • #23277
    ThePitBoss
    Participant

    Gold exploded over $80 higher, the largest daily…

    [article]1922[/article]

    #23523
    ThePitBoss
    Participant

    Bank of America Raises 18-month gold target to $3000 from $2000

    Forecast average prices of $1695 this year and $2063 in 2021.

    “Our CTA models suggest gold positioning is light, likely because of the spike in volatility and the mechanical drop in the gold Sharpe ratio. But this constraint could change as volatiltiy keeps falling quickly across financial markets,” they write.

    See as safe-haven from risks for central bank moves being socialized and currencies come under pressure.

    On the downside is slower jewelry demand from China and India could be a headwind for gold but that “financial repression is back on an extraordinary scale.”

    #23543
    Truman
    Participant

    [size=5]Gold prices higher with Oil[/size”>

    Crude oil leading raw commodity sector of metals. Safe-haven demand for gold and to a lesser degree silver remains a feature amid a very sick global economy. June gold futures were last up $13.00 an ounce at $1,750.00. May Comex silver prices were last up $0.065 at $15.395 an ounce.

    Nymex West Texas Intermediate (WTI) June futures trading up around $3.80 at $17.60. U.S.-Iran tensions up-ticked Wednesday when President Trump tweeted that he has instructed the U.S. navy to “destroy” any Iranian vessels that harass U.S. ships. That’s a bullish development for crude oil markets.

    #23544
    Truman
    Participant

    [color=green][size=5][b]Commerzbank orecasts silver prices to rise in the second half of the year to $18-an-ounce
    [/b][/size][/color]
    Silver weakened early in 2020 due to its role as an industrial metal, Commerzbank said. Industrial base metals like copper also fell sharply on worries that the COVID-19 pandemic would hurt demand as the economy weakens. However, silver eventually began acting like a precious metal again, Commerzbank said, with strong demand coming from exchange-traded funds.

    “As soon as the coronavirus or pandemic is under control, the global economy should recover, which we expect to happen in the second half of the year,” said the Commerzbank report, written by analyst Daniel Briesemann.

    “As a precious metal with an industrial character, silver should also benefit from this. In line with the recovery in base-metals prices that we expect, silver prices should also rise accordingly if industrial demand regains strength.

    “Since gold should not fall significantly or sustainably, we see silver as being supported from this side as well.”

    #24026
    Truman
    Participant

    China most-traded gold futures contract on the Shanghai Futures Exchange new record high of 402.9 yuan per gram.

    No doubt aided by the Wuhan Fake Gold scandal:

    One of China’s largest gold jewellery manufacturers, Wuhan-based and NASDAQ-listed Kingold Jewelry, is being accused of depositing fake gold bars as collateral to obtain loans from 14 Chinese financial institutions.

    The 83 tonnes of gold were purportedly valued at 20.6 billion yuan (A$4.2 billion) but many of them have turned out to be gilded copper, according to reports from Beijing.

    Kingold Jewelry Inc
    NASDAQ: KGJI
    0.71 USD −0.14 (16.52%)

    #24051
    TradersCom
    Keymaster

    UBS global wealth management raises Gold price forecast to $1,800 (from $1,700) by year end

    For 2021 end-June forecast is kept at $1,800

    Says in the shorter time horizon it sees a number of uncertainties that’ll help elevate the price

    “We’re reiterating gold’s qualities as a hedge to 2H risks such as the U.S. election, U.S.-China tensions, and coronavirus concerns, and what all three could portend for central bank actions, while also reflecting our view that growth will recover into 2021”

    #24114
    Helmholtz Watson
    Participant

    Gold prices eased from a near nine-year high of $1,817 an ounce hit in previous session

    USD regained momentum as preferred safe-haven with surging coronavirus cases and a drop in jobless claims

    #24195
    ThePitBoss
    Participant

    Gold hits highest price since safety high of September 16, 2011

    Gold high price traded to $1841.65 the highest level since the week of September 16, 2011.

    Note the all-time high price comes in at $1921.17 That was during the week of September 9, 2011.

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