Followers | 680 |
Posts | 141194 |
Boards Moderated | 36 |
Alias Born | 03/10/2004 |
Monday, March 23, 2020 8:41:44 AM
By: MarketWatch | March 23, 2020
Silver gains more than 1% early Monday
Gold futures headed higher on Monday, extending gains after the Federal Reserve unveiled an aggressive round of additional stimulus, including virtually unlimited purchases of Treasurys and mortgage-backed securities.
Gold had initially gained ground as global stocks traded lower on continued worries over the tremendous economic hit expected from the global COVID-10 pandemic. Gold extended gains, however, as U.S. stock-index futures turned higher in the wake of the Fed move.
The precious yellow metal, however, has faced some friction as a haven asset, as cash-strapped investors have been forced at times to sell bullion amid the persistent global rout in financial markets that has knocked most markets into bear-market territory. A strengthening dollar also has weighed on the price of precious metals, as the cases of the infectious disease that was first identified in Asia in December accelerates.
The U.S. Senate failed to advance a bill on the stimulus package, as talks continue on Monday between Republican and Democrats.
Germany, meanwhile, may authorize more than €350 billion in new debt, according to reports, as Chancellor Angela Merkel was quarantined after coming into a contact with a doctor who had contracted the illness.
“Gold continued to react to financial market selloffs and, at times, supported as government and monetary authorities’ attempts to manage the economic and financial ramifications of COVID-19,” wrote Stephen Innes, chief market strategist at AxiCorp, in a Monday research note.
Gold for April delivery GCJ20, +2.22% on Comex rose 2.4% to $1,590 an ounce, after putting in a weekly decline for the most-active contract of 2.1%, according to FactSet data.
May silver SIK20, +3.63% jumped 4.2% to $12.90 an ounce, after a weekly decline of 14.6%. Prices last Wednesday settled at the lowest since January 2009
The dollar weakened after the Fed move, providing potential support for the metal. A weaker currency can be a boon for commodities priced in dollar, making them cheaper to users of other currencies.
A measure of the buck against a basket of a half-dozen rivals, the ICE U.S. Dollar Index DXY, -0.88%, fell 1% Monday. Investors have been fleeing to dollars during the pandemic, driving its value higher. The dollar index remains up 3.8% so far in March, according to FactSet data.
Read Full Story »»»
DiscoverGold
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
• DiscoverGold
Recent GDX News
- YieldMax GDXY Name Change • GlobeNewswire Inc. • 01/25/2024 04:22:00 PM
- Surging S&P 500 Breadth • ValueWalk • 07/19/2023 03:16:37 PM
- S&P 500 Corrects In Breadth • ValueWalk • 07/18/2023 03:08:49 PM
- If The USDX Fell So Much, Why Didn’t Gold Truly Soar? • ValueWalk • 07/17/2023 05:16:20 PM
- USD’s Decline That’s… Bearish For Gold?! • ValueWalk • 07/12/2023 02:38:08 PM
- S&P 500 Late Day Reversal Worry • ValueWalk • 07/10/2023 03:17:34 PM
- Massive Gaming Celebrates Global Launch of House of Blackjack with USDC Earning Race • ValueWalk • 07/10/2023 02:44:17 PM
- Breathers In Mining Stocks Are Not Real Rallies • ValueWalk • 07/06/2023 05:20:55 PM
- S&P 500 Character Changes • ValueWalk • 07/06/2023 03:10:06 PM
- S&P 500 – As Bullish As It Gets • ValueWalk • 07/03/2023 04:01:21 PM
- The Great Gold Migration: How Asia Is Dominating The Global Gold Landscape • ValueWalk • 06/30/2023 05:07:35 PM
- S&P 500 Dip Buying And Tame PCE • ValueWalk • 06/30/2023 03:34:13 PM
- The Bullish Reversal In Gold Is Coming • ValueWalk • 06/29/2023 04:00:44 PM
- Insufficient S&P 500 Rotations • ValueWalk • 06/27/2023 02:41:42 PM
- Failing S&P 500 Rotations • ValueWalk • 06/23/2023 03:09:19 PM
- Countdown to S&P 500 Downleg • ValueWalk • 06/19/2023 01:49:20 PM
- Now THAT Was The Game-Changer For The Price Of Gold! • ValueWalk • 06/15/2023 04:40:35 PM
- S&P 500 Manages To Recover Initial Decline • ValueWalk • 06/15/2023 03:30:07 PM
- S&P 500 Manages To Recover From Tech-Driven Decline • ValueWalk • 06/15/2023 03:30:07 PM
- S&P 500 Withstands The Initial Selling – No Hike Tomorrow • ValueWalk • 06/13/2023 03:15:19 PM
- Roadmap For Mining Stocks – Courtesy Of The Stock Market • ValueWalk • 06/06/2023 03:17:49 PM
- Stocks To Still Extend S&P 500 Upswing • ValueWalk • 06/05/2023 03:31:02 PM
- AI, Stocks, And Gold Stocks – Connected After All • ValueWalk • 05/31/2023 03:29:15 PM
- Could Gold Miners Finally Stop Sliding?! • ValueWalk • 05/26/2023 08:42:37 PM
- S&P 500 Fine Selling Initiative • ValueWalk • 05/24/2023 03:06:00 PM
Avant Technologies Equipping AI-Managed Data Center with High Performance Computing Systems • AVAI • May 10, 2024 8:00 AM
VAYK Discloses Strategic Conversation on Potential Acquisition of $4 Million Home Service Business • VAYK • May 9, 2024 9:00 AM
Bantec's Howco Awarded $4.19 Million Dollar U.S. Department of Defense Contract • BANT • May 8, 2024 10:00 AM
Element79 Gold Corp Successfully Closes Maverick Springs Option Agreement • ELEM • May 8, 2024 9:05 AM
Kona Gold Beverages, Inc. Achieves April Revenues Exceeding $586,000 • KGKG • May 8, 2024 8:30 AM
Epazz plans to spin off Galaxy Batteries Inc. • EPAZ • May 8, 2024 7:05 AM