Gold tops US$1,600 as virus fuels growth fears

[kobayashiGT]

Gold tops US$1,600 as virus fuels growth fears

source: https://www.businesstimes.com.sg/energy-commodities/gold-tops-us1600-as-virus-fuels-growth-fears

[SINGAPORE] Gold traded near the highest level since 2013 on concerns over the spread of the new coronavirus and how it's impacting global growth. Palladium topped US$2,700 an ounce as it continued its record-breaking rally.

Bullion steadied after surging 1.3 per cent Tuesday's as Apple Inc's warning that the virus and efforts to contain it would have its sales missing forecasts spurred a sell off in stocks. China's death toll from the disease topped 2,000, while the province at the centre of the outbreak reported fewer additional cases. The flight to safety has benefited haven assets, with the rally spilling over to the palladium market, where a multi-year deficit is expected to widen in 2020.

Gold is up 5.6 per cent this year as investors assess the impact of the disease on economic growth and appetite for risk amid speculation that the Federal Reserve will feel increased pressure to reduce interest rates. The US central bank has said the effects of the virus have presented a "new risk" to the outlook and traders will study minutes from the Fed's latest meeting, due later on Wednesday, for any hint of a dovish tone.

Spot gold was little changed at US$1,601.88 an ounce at 11.46am in Singapore. Prices had touched US$1,611.42 in early January, the highest since 2013, as geopolitical tensions flared. The unfolding health emergency has seen holdings in global exchange-traded funds backed by bullion expand to a record. Palladium climbed 3 per cent to US$2,709.10 an ounce, an all-time high.

"A deficit equivalent to about 20 per cent of the palladium market is expected to be sustained this year, helping explain the surge in prices," said Vivek Dhar, an analyst at Commonwealth Bank of Australia. Demand is being driven by environmental regulations, particularly in China, which has increased palladium use in vehicles and should offset any recent weakness in car sales, he said.

[Yeobt]

Guys, I'm a new small player on gold recently. Just been spending some money on some gold bars when the price started to rise from usd1600. And it just hit 1900. 😳

I'm considering to buy some more. Do you think it will continue to spike? 

[Lala81]

I will buy the gold ETF as a hedge since I'm holding excess USD which i changed but is getting devalued.

I think the price will be steady and definitely more resilient than equities if the market crashes again. And if the US continues to keep releasing money into the system, it can't really depreciate much in the short term.
Looking at it to rise? Not really what I own it for.

[Mustank]

I stupid buy sph singtel Sia SingPost  😩

should have bought gold amd 

sian

Edited July 30, 2020 by Mustank

[Throttle2]

On 7/25/2020 at 1:55 PM, Yeobt said:

Guys, I'm a new small player on gold recently. Just been spending some money on some gold bars when the price started to rise from usd1600. And it just hit 1900. 😳

I'm considering to buy some more. Do you think it will continue to spike? 

Huat ah!

[Throttle2]

55 minutes ago, Mustank said:

I stupid buy sph singtel Sia SingPost  😩

should have bought gold amd 

sian

Lucky i not so stupid, got Singtel, singpost, but got many solid gold Rolexes.

heng ah!

 

muayhahahahahaha

[Throttle2]

Dont understand you guys, cheap that time dont buy, expensive that time, want to chase.

 

[BanCoe]

On 7/25/2020 at 2:25 PM, Lala81 said:

I will buy the gold ETF as a hedge since I'm holding excess USD which i changed but is getting devalued.

I think the price will be steady and definitely more resilient than equities if the market crashes again. And if the US continues to keep releasing money into the system, it can't really depreciate much in the short term.
Looking at it to rise? Not really what I own it for.

Technically with US printing USD's and the currency getting "adulterated"  (QE) with trillion dollar handouts to jump start ,  precious metals will appreciate; same during last QE , Aud will also appreciate   

[Hachi]

Just sold my 1Kg silver bar yesterday. Made 40% witinin 2 years...

The next recession I make sure i got one truck load....

[Yewheng]

On 7/25/2020 at 1:55 PM, Yeobt said:

Guys, I'm a new small player on gold recently. Just been spending some money on some gold bars when the price started to rise from usd1600. And it just hit 1900. 😳

I'm considering to buy some more. Do you think it will continue to spike? 

Ya, judging what fed will do.. Print even more money. Gold and silver will continue to rise. The next thing people really need to look out for is the devalue of usd. Currently usd still managed to hold is because foreign countries are holding the dollar and usd is the reserve currency. Once usd is no longer a reserve currency, that's it. 

 

http://www.globaltimes.cn/content/1116043.shtml

 

See what China is doing, China is trying to move away from usd for many years already. Think China knew what will happen to usd, but because they are reserve currency, so need to slowly move away from that by building relationships with other countries and to trade with Chinese yuan. With now trump keep put stanchions on China, put huawei, tick tock on ban list and etc. That will accelerate China plan to move away from usd even faster. China also buying gold to keep stock. The usd as a reserve currency really can't keep any much longer. 

Edited August 1, 2020 by Yewheng

[BanCoe]

40 minutes ago, Hachi said:

Just sold my 1Kg silver bar yesterday. Made 40% witinin 2 years...

The next recession I make sure i got one truck load....

is it a physical bar or paper ??  

1kg of silver is about 36 oz X USD24.50 (AVERAGE PRICE0) which works to about USD900 

[Yeobt]

7 hours ago, Yewheng said:

Ya, judging what fed will do.. Print even more money. Gold and silver will continue to rise. The next thing people really need to look out for is the devalue of usd. Currently usd still managed to hold is because foreign countries are holding the dollar and usd is the reserve currency. Once usd is no longer a reserve currency, that's it. 

 

http://www.globaltimes.cn/content/1116043.shtml

 

See what China is doing, China is trying to move away from usd for many years already. Think China knew what will happen to usd, but because they are reserve currency, so need to slowly move away from that by building relationships with other countries and to trade with Chinese yuan. With now trump keep put stanchions on China, put huawei, tick tock on ban list and etc. That will accelerate China plan to move away from usd even faster. China also buying gold to keep stock. The usd as a reserve currency really can't keep any much longer. 

Agree. China will rise and overtake the USA. 

[Hachi]

On 8/2/2020 at 7:53 AM, BanCoe said:

is it a physical bar or paper ??  

1kg of silver is about 36 oz X USD24.50 (AVERAGE PRICE0) which works to about USD900 

Lol I liked physical.... also advise my frds to sell their investment grade gold. Sell when people are buying...

Edited August 3, 2020 by Hachi

[Yewheng]

Gold now past US$2,000..

[Throttle2]

Think I stick to my solid gold Rolexes. At least i can wear them.  

Physical gold need at least 10kg before can use as decent dumbell.... hee hee.  

 

[Yewheng]

Now it is past us$2050.. If continue to rise at this rate, by end Dec it may hit us$2.5k sia

[Showster]

Got money at this kind of situation, buy gold, buy good quality property (with or without loan), sure no regrets 5 years down the road. 

[Mustank]

Buy buy buy!!!!