| Pre. Settlement | N/A |
| Settlement Date | 2020-06-26 |
| Open | 1,678.70 |
| Bid | 1,668.80 |
| Last Price | 1,683.70 |
| Day's Range | 1,670.70 - 1,695.80 |
| Volume | 107,341 |
| Ask | 1,685.40 |
Holdings of gold by exchange traded funds (ETFs) rose in March to a record high of 3,185 tonnes, worth $165 billion, the World Gold Council said on Wednesday, as the coronavirus outbreak revs up demand for the metal.
Despite the abysmal price trends, silver's fundamental image appears quite strong and the metal will eventually recover in the impending demand-supply imbalance.
Global oil producers are scrambling to secure a supply cuts deal to counter an unprecedented drop in demand triggered by the coronavirus pandemic. “I don’t think a deal between Opec and other producers like Russia makes any difference because of the severity of the drop in demand,” the 73-year-old executive said. “Opec, as the so-called central bank of oil, has disappeared.”
As central banks around the world inject trillions into the global economy, investors are looking at bitcoin and its "halving" as a hedge against inflation.
World equity markets moved higher and oil prices stabilized on Wednesday on hopes the coronavirus pandemic is peaking and that more government stimulus measures could be on the way. After U.S. stock markets closed on Wednesday, President Donald Trump said the United States may be getting to the top of the coronavirus curve, suggesting the number of cases and fatalities may have peaked. The Trump administration asked Congress for an additional $250 billion in emergency economic aid for small U.S. businesses reeling from the impact of the outbreak.
Asian stock futures were under pressure on Wednesday after a late, sharp sell-off on Wall Street and as oil prices slumped under pressure from swelling global supplies. Australian shares were expected to open lower as warnings of an economic slump and a spike in unemployment due to the coronavirus pandemic dampened sentiment. Nikkei futures were down 0.37% at 2319 GMT.
The event is a foreshadowing of the same process happening on a larger scale on the BTC blockchain next month.
Investing.com - Gold prices in Asia traded slightly lower on Wednesday morning despite continuing economic uncertainty. The yellow metal continued its losses from the previous session as gold futures were down 0.22% at $1,680 by 9:33 PM ET (2:33 AM GMT). Although gold prices tend to move in the opposite direction from stocks, the two moved in the same direction for the second day in a row.
Bitcoin trended higher along with many traditional markets Tuesday before changing direction and falling as U.S. stock trading closed.
Prices are still undervalued
Gold ETFs had a moderate first quarter. Will they pick up pace in the second quarter?
Based on the early price action and the current price at $1693.30, the direction of the June Comex gold market the rest of the session on Tuesday is likely to be determined by trader reaction to yesterday’s close at $1693.90.
Stock markets broke higher during the trading session on Tuesday but gave back quite a bit of the gains to show just how difficult it is going to be to continue going higher.
The itch among some gold holders to cash out after a three-day rally also took some shine off the precious metal in its New York session. Gold futures on New York’s COMEX settled down $12.20, or 0.7%, at $1,664.80 per ounce. It hit $1,742.20 at the session high, bettering Monday’s $1,709.50 peak, before investors took note of reports that the Covid-19 infection rate in New York, the U.S. epicenter for the pandemic, was stabilizing despite daily death tolls in the hundreds.
Nearby support levels and diverging moving averages suggest that the precious metals segment is in the early stages of a major uptrend.
Volatility is returning in a positive way, prices are going up and enthusiasm is returning to digital-asset markets.
The Euro pulled back slightly during the open on Tuesday, but then shot straight up towards the 1.09 handle where there would be a significant amount of resistance. All things being equal, the market is likely to continue seeing a lot of back and forth.
The market sees light at the end of the tunnel as virus containment measures seem to be working.
Simone Biles is the most decorated American gymnast ever and probably the most dominant active athlete in the world. Last October, she won her fifth all-around title at the World Championships, part of a five-medal blitz that brought her career total of gold medals at the Worlds to 19 -- more than double the total […]
With gold at a multi-year high, investors have to be careful about buying too aggressively especially if other investors feel that stocks are extremely cheap and have a better potential return.
