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Gold price hovering back around $1,600 as Federal Reserves pumps massive liquidity into markets : https://www.kitco.com/news/2020-03-12/Gold-price-hovering-back-around-1-600-as-Federal-Reserves-pumps-massive-liquidity-into-markets.html
Excerpt:
Kitco News) - Gold prices are well off their lows hovering near $1,600 an ounce as the New York Federal Reserve pumped massive liquidity into the financial system.
U.S. equity markets were looking at their worst one-day selloff since the 1987 market crash before the New York Federal Reserve announced that it would conduct a $500B 3-month repo operation. The regional central bank also said that it will also expand Treasury purchases beyond bills -- that's fresh QE.
"That's a big number. It's good the Fed is on the ball, but it also suggests there are major liquidity strains.," said Adam Button, managing director of Forexlive.com. "This needs a bit of perspective. The Fed's balance sheet in 2011, after two years of QE, was $2.1 trillion. They're doing $1.5 trillion in one shot here. Now, this is a bit different because the vast majority of it is short term.
Button added that the risk in the latest Fed move could signal another panic among investors.