Same to you Mark. Actually, I poked my head up the Friday before gold peaked. I saw things were potentially going to explode higher....or just stop. Didn't really expect a crash though. I normally pop my head up for my annual coin show in late March. Not this year though as it's canceled now.
@BAJJERFAN said:
Dumb move. It will have about a 40 minute effect on the market tomorrow. What a waste of a rate cut.
Market is down 1000 right now. Circuit breaker tripped on the Dow.
U.S. stock futures hit their downlimit before daybreak in Singapore. The dollar sank more than 2% against the yen.
Nikkei futures fell 6%. Australia's benchmark stock index fell 7% in the first quarter-hour of trade. U.S. crude fell 5% to under $30 per barrel.
The U.S. Federal Reserve cut interest rates by 100 basis points on Sunday to a target range of 0% to 0.25%. It said it would expand its balance sheet by at least $700 billion in coming weeks.
"(The) market is wondering what the Fed knows that the rest of us don’t," said Phil Orlando, chief equity market strategist at Federated Hermes in New York.
@BAJJERFAN said:
Dumb move. It will have about a 40 minute effect on the market tomorrow. What a waste of a rate cut.
Market is down 1000 right now. Circuit breaker tripped on the Dow.
U.S. stock futures hit their downlimit before daybreak in Singapore. The dollar sank more than 2% against the yen.
Nikkei futures fell 6%. Australia's benchmark stock index fell 7% in the first quarter-hour of trade. U.S. crude fell 5% to under $30 per barrel.
The U.S. Federal Reserve cut interest rates by 100 basis points on Sunday to a target range of 0% to 0.25%. It said it would expand its balance sheet by at least $700 billion in coming weeks.
"(The) market is wondering what the Fed knows that the rest of us don’t," said Phil Orlando, chief equity market strategist at Federated Hermes in New York.
The article said at the end "By the end of the week, though, the situation had flipped. The June contract cost almost $30 more than the April contract, suggesting that traders appetite for physical gold has subsided for now." But it could happen again if gold price move higher. I think gold price will move toward 2K soon.
anyone who has been collecting gold coins long enough knew this was going to happen. patience-the ability to put our desires on hold for a time, is a precious and rare virtue
Comments
Answering the OP's question, it won't have anything to do with the price of gold. When people are scared, the markets don't make sense.
Same to you Mark. Actually, I poked my head up the Friday before gold peaked. I saw things were potentially going to explode higher....or just stop. Didn't really expect a crash though. I normally pop my head up for my annual coin show in late March. Not this year though as it's canceled now.
It has been that obvious for the past few weeks. Use it.
No Way Out: Stimulus and Money Printing Are the Only Path Left
Nothing IMO. I expect gold to decline or crash with everything else in the incipient bear market in practically all asset classes.
Gold went back to 1600 now. If it can stay there for couple more days it will be on it’s way to 2k. Lol
Perhaps an opportunity for gold to regain its safe safe haven status.
https://www.marketwatch.com/story/there-is-no-gold-bullion-dealers-sell-out-in-panic-buying-2020-03-25
https://finance.yahoo.com/news/world-rich-stuggling-hold-gold-141957808.html
and now...?
All comments reflect the opinion of the author, even when irrefutably accurate.
What has changed?
No Way Out: Stimulus and Money Printing Are the Only Path Left
This a interesting article to read. Short seller on gold has a hard time to cover their position.
https://finance.yahoo.com/news/hot-gold-trade-blew-rush-002525318.html
The article said at the end "By the end of the week, though, the situation had flipped. The June contract cost almost $30 more than the April contract, suggesting that traders appetite for physical gold has subsided for now." But it could happen again if gold price move higher. I think gold price will move toward 2K soon.
Gold made new high today. It is on its way marching to 2k
anyone who has been collecting gold coins long enough knew this was going to happen. patience-the ability to put our desires on hold for a time, is a precious and rare virtue