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IPMI and Industry News: Gold Market News

Gold drops back to lowest since December as stock-market plunge leads to further deleveraging

Wednesday, March 18, 2020   (0 Comments)
Posted by: Matt Watson
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Metals Stocks

Gold drops back to lowest since December as stock-market plunge leads to further deleveraging 

Silver futures look to suffer another finish at lowest since 2009


Gold prices on Wednesday dropped back to their lowest settlement since December, signaling a flight to liquidity by investors will continue to outweigh the metal’s traditional haven appeal as equities see another round of heavy losses on worries over the economic impact of the COVID-19 pandemic.

The market has seen “more panic selling in any liquid asset,” said Jeff Wright, executive vice president of GoldMining Inc. U.S. Treasury Secretary Steven Mnuchin’s warning of the possibility of 20% unemployment without stimulus was likely “the tipping point towards lower levels across every asset class I can see.”

“Gold could bounce back towards $1,550ish, but still think we are in range of $1,500-$1,600 in near term,” he told MarketWatch. “Long term, gold has to go higher once panic subsides and new normal takes over.”


Read the full article at:  https://www.marketwatch.com/story/gold-edges-lower-as-stock-market-plunge-points-to-further-deleveraging-2020-03-18

 

 

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