Kitco News: Gold price heading to new highs, beating copper, oil and equities-Bloomberg Intelligence
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Gold price heading to new highs, beating copper, oil and equities - Bloomberg Intelligence
Neils Christensen Tuesday March 31, 2020 15:46
(Kitco News) - Gold remains the commodity to own, and investors should expect to see prices hit new all-time highs driven by unprecedented monetary stimulus and deficit spending, according to one market analyst.
In a report Tuesday, Mike McGlone, senior market analyst at Bloomberg Intelligence, said that the price action in the gold market continues to resemble what happened during the 2008 financial crisis. Although gold prices suffered from a more than 20% decline in the midst of the crisis, prices quickly recovered and within three years reached an all-time high at $1,900 an ounce.
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just about everything will out perform oil, there will be 35 percent unemployment within a month. nobody is driving anywhere. I wasn't worried about gold going down in 2009, that was a good time to buy, not worried about it going down now, not a good time to buy now though, pre 33 gold is selling for more now then when spot was 1680/ounce
Oh the irony, the apocalypse is upon us and I can't even sell me gold. All the LCS are closed due to the orders of "non-essential businesses". The casino ATM machines are still running round the clock. I may have picked the wrong apocalyptic funds. lol
The whole worlds off its rocker, buy Gold™.
Gold sure didn't head to new highs today.
I knew it would happen.
Sure feels like 2008 all over again. I missed the boat in 2008.
Back then , sell all your gold put it all into stocks at the right time and become well-to-do when the stocks finally revive.
No way it's gonna play out the same way, it can't be that simple.
There's no way scooping up cheap stocks is gonna happen the same way as 12 years ago. I've heard people say that hundreds of thousands of times on reddit. If it was gonna work this time, you wouldn't hear about it. It was a much, much different world. You're not gonna be able to glitch your Robinhood app, load up and hope to fart out gold in 2 years.
It will not work out that way for the people who hope it will. Many will lose a lot trying to get one over on the very people who will tactically/politically steal their wealth again!
There will not be people buying 50,000 shares of AIG @$0.81 and walking out solid double digit millionaires 2 years later. The government wouldn't allow that many poor people to get rich.
Besides, there is so much money outside the stock market. A $10k tax credit for retaining employees. Also waives payroll tax which holy s*. Building a business would be a ton of free money lmao.
Our stimulus checks are going directly into gold. As far as I'm concerned, that money never existed but the government gave me free gold instead. My wife can opt to stay home right now and make >$300/wk more for 4 months. I'm currently getting hazard pay while I'm on vacation. Taking advantage of these sounds so illegal.
The government left me homeless, freezing and starving in the street with $50k student debt in 08. They stole from us at every step of the way with overprinting money. These industries deserve to fail. I hope everyone defaults on medical debt and student loans and they implode.
You'd better believe I'm "utilizing" every last little bit the SBA loans offers. I'm willing to change directions of my business just to get more free money. There's a loan for up to 10s of thousands that you most likely won't even have to pay back, haha.
I feel like I'm supposed to be poor right now with fewer rights and no help.
And yes I understand there's millions of dollars traded multiple times a second for some people, but for the people who hope to strike it rich off cheap stocks, it would likely be better off taking advantage of all this while it's right in front of them.
Talking heads talking out of their ___
I will believe it when I see it.....Nothing is 'predictable' at this point....and these 'predictions' will become right or wrong...as always... and the 'rights' will crow about their foresight, and the 'wrongs' will ignore their predictions and make more for the future....
Cheers, RickO
There is that wonderful saying, attributed to a variety of talented people, including Yogi Berra and Niels Bohr: predictions are hard, especially about the future.
One thing for sure, Is uncertainty.
100% Positive BST transactions
Up over $7 at this point today.
https://finance.yahoo.com/quote/GC=F?p=GC=F
I believe it will be up in the long run.
..And I also know this is going to be one volatile ride getting there.
I've been saying this for a little while now and it seems people are opening up to the idea that, no matter what we do, we won't return to pre-pandemic America ever again. I mean, think about the trauma that this financial impact has already had on people. Even if things returned to normal tomorrow, you'd still have a huge slice of the population that doesn't trust the government or banks. People who don't want consumer goods because now they realize how important an emergency fund is... and why it's such an affront to their liberty that, with the highest stock market and "unemployment % ever", two 35.5h/wk "part time" workers can't afford rent on a studio apartment.
Also, you'd still have what, 6000 families or whatever ready for "just one more reason until I xyz" because their loved one died while the government was busy reducing their food assistance and selling rare life-savings medical supplies to enemies abroad during a worldwide shortage.
...And then you couldn't even help them out with their food and rent while they grew your food and delivered your medicine during a plague...
People see money and security and wealth a lot differently when things like this happen. Moving forward, the things people value, and the manner in which they do, will be different. We just don't know.
These changes are going to fundamentally restructure how we function as a society, down to UV-sterilizing doorknobs to the temperature scanners or lung CT scanners in the entrances of buildings. These are common in Asia and who knows, could become an American industry.
The manner in which people ring out their groceries, fill their gas tank, enjoy entertainment and food, dating, hobbies, communications, exercise.. everything is different, and will continue to be. I'm sure people will be far less comfortable living beyond their means anymore. And that's gonna kill the part of the economy that relies so heavily on consumer goods.
We have essential workers in food and logistics who don't make a living wage. Medical debt choking out families because you were too selfish to go get cancer. Student loans preventing a whole generation of people from starting families. Makes me sick.
The worlds memory is short. I agree with much of the sentiment of your post but IMO things will be different for a little while then it will be back to business as usual.
Life is about choices and most will make the wrong choice more often then not.
Like student loan debt. Why are some so worried about the debt that they won’t start a family and others seem ok with having kids with multiple partners with no job?
I myself chose trade school instead of college, incurred no debt and I believe I live pretty comfortably. I’ll likely never be wealthy but I have pretty much everything I want and need.
Government intervention may help in this time of crisis but it isn’t the solution for poor judgment and human nature.
We will get through this and I hope people are more cautious and will prepare for the future ahead but anecdotally all I seem to hear is what sound system, video game or “insert useless item here” they will spend the stimulus check on.
I also hear people thinking about asking for furlough from work so they can collect unemployment higher than their current salary.
Edited to say no debt. Not more haha.
My Ebay Store
It didn't take long for the Spanish flue to take a backseat in time. So will Covid 19.
Why not take it? My wealth just became that much more worthless because of all the money being printed over this. If anything, they owe me and my business significantly more for devaluing our currency.
All because they wanna bail out companies and banks so they can buy their stocks back and give themselves bonuses. The senators engaging in insider trading and the oversight committees will make sure none of the right people get that money.
And if not that, tax cuts and tariffs have become so unmanageable for a small business to afford anything but trashy China supplies and mats. Product quality and price suffers and suddenly nobody buys American and nobody knows why?
I'll never forgive the government for what they did to me, and all those bad loans and all the dirty sh* the government & co. got away with. How my family and friends suffered and all the broken families and Jesus the suicides, alone! All the broken dreams and living through almost three years of a despondent America. The rise in substance abuse put to a swift end by fentanyl.
Yippee.
I'm 1000% this incident will further fuel the anger of millenials who put life on hold because of these assholes once before. Or again, essential workers who don't even earn a living wage.
These crooks take hundreds of billions and poor people cheer them on and throw money at them... but, the starving pharmacy worker who could use extra money for price gouged necessities is the problem.. lol.. It's not the insider trading or emoluments or every millionth thing these criminals get away with every day, sickeningly accompanied by the cheers of the people they're robbing. Because it's not the disgraceful amount they give you for unemployment, or anything
It's brilliant and executed flawlessly. It sucks.
It deserves to all fall apart. You program people for decades that they need an education, make the debt unforgivable and basically next to generational debt if you do it wrong or god forbid get married. Meanwhile these unforgivable loans are being pitched by professionals to college-bound bright eyed kids. They. Are. Kids. They deserve to be in the for-profit prisons their associates run. 3000% in-state tuition increase for me between 02-06, for literally nothing better, and a university which cut more money and programs making it a useless experience. Not like you can get your money back, either. They give you two 45 minute sessions to figure that out and if you don't speak up soon enough it's a 40% charge.
It just all sounds so criminal, doesn't it? Is it just me?
Now a generation owns nothing and government programs are at an all time low. Gov also expects them to have 3-6 months emergency savings? lmao.
How does that not make you sick too, that they got away with robbing an entire generation, and then some?
Disasters like this always bring wealth redistribution. Unfortunately, the people who lived through decades of untold prosperity, are the most at risk groups. But God it'd be nice to not hear them tell us we don't work hard enough because a part time job doesn't buy a car and education. The same people who are choking out renters because they buy property they don't need, for money they don't use? But good thing "they got theirs".
I wanna be infuriated but high blood pressure is a comorbidity for the plague they're failing to respond to and have known is airborne since dec.
If you can't laugh it makes you wanna die. No wonder so many are depressed.
This, Azurescens, may be the saddest post I've yet read here. Not because your laments are unwarranted by events, but because they sound so despairing.
Consider, though, that in the sweep of human experience, the powerful have been so because of the less-powerful. Sometime that has been sustained by a deal ("I'll protect you if you let me be in charge"), sometimes by cosmic arrangement ("the gods have ordained that I be in charge"), and sometimes by intimidation ("I'm in charge. You got a problem with that?")
In our Western experience, though, we have devised perhaps the most successful means yet contrived by mankind to empower the historically less-powerful, viz., the Rule of Law and the Constitutionally-based Separation of Powers. Never before has a system of social order provided such liberty, prosperity and opportunity.
For all of that, we remain relentlessly and unforgivably human, i.e., given to passion, greed, jealousy. James Madison, who formulated much of our Constitutional form of government, wrote that, "Were men angels, we would have no use for law." There's no pretense in the thesis that contrivance, faith or intimidation would long preserve a system of governance, the basis of which denied the essential frailties and potentialities of individual citizens.
So yes, we encounter yet miserably again the shortcomings of people who'd contrive to exploit whatever possibility a given system of government may afford them for greed and unsanctioned power.
Yet consider: we have been there before. Need I recount that myriad of ways we've had to deal with people who have dealt with relative powerlessness here since our founding? Yet in each case save the Civil War, we have managed to make the corrections Constitutionally, imperfectly, by fits and starts, but thereby without the need for revolution--or despair.
In contrast with so many nations and cultures on the planet, we are not tribal here. What ultimately unites us is not our homogeneity, but our determined belief in the Constitution, the essential value and power of the individual, and the rule of law.
Here's a warning parable for coin collectors...
we won't return to pre-pandemic America ever again
Yeah, wow, thats a defeatist attitude.
Focus on this part of your rant. Look at all that opportunity. Change your sunglasses and get a history book. The USA has been through FAR WORSE....and yet here we are complaining and reminiscing about the "good ole days", just as our ancestors did.
Knowledge is the enemy of fear
Well said, dpoole. A constitutional republic. If we can keep it.
I knew it would happen.
Kitco sells gold so.....