Kitco News: "Gold prices sharply up amid Goldilocks environment for the metal"
Goldbully
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Gold prices sharply up amid Goldilocks environment for the metal
Jim Wyckoff Monday April 06, 2020
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(Kitco News) - Gold prices are trading sharply up in early U.S. trading Monday, as the global marketplace has seen in uptick in sentiment to start the trading week, on reports the coronavirus outbreak may be de-escalating. This somewhat encouraging news appears to be a goldilocks scenario for gold, as buyers are more confident to step in and purchasing the safe-haven metal, while knowing there are still very tough times ahead, including the specter of problematic inflation farther down the road. June gold futures were last up $24.00 an ounce at $1,670.00. May Comex silver prices were last up $0.306 at $14.80 an ounce.
Global stock markets were mostly higher in overnight trading. U.S. stock indexes are pointed toward solidly higher openings when the New York day session begins. The coronavirus outbreak that has crippled the global economy appears to be de-escalating a bit, according to some models that forecast the peak number of cases and deaths. However, the coming week is going to be “our Pearl Harbor moment, our 9/11 moment,” said U.S. Surgeon General Jerome Adams, regarding an expected wave of coronavirus deaths across the U.S. New York City, the U.S. Covid-19 epicenter, New Orleans and Detroit face especially tough days ahead.
The debate in the coming days, especially if the Covid-19 outbreak starts to de-escalate, will be when to restart the global economies. Traders and investors are also handicapping then the world economies will get back to full speed when they do start back up in earnest. There are complicated supply chains that have been severely disrupted the past few weeks.
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Comments
Interesting.... Stocks close up over 1600 points (Dow) and gold and silver rising....Fasten your seat belts...Cheers, RickO