Gold Reaches New All-Time Record Over €1,500/oz, Breaks Over $1,600/oz And Silver Surges To $18.44/oz

Gold in Euros at All Time Record High

◆ Gold soared to new record highs in euros today at €1,500.11/oz and broke through the important $1,600 level to as high as $1,619.18 per ounce as traders and investors diversify out of more pandemic exposed risk assets to traditional safe havens

◆ Silver surged to $18.44/oz and is 4% higher this week, while palladium has gone parabolic and is up another 12% this week which takes the gains in 2020 alone to over 36%; we expect gold and particularly silver to follow palladium’s lead in the coming months (see just released video below)

◆ Safe haven gold is just a slight jump away from passing its February 8 intraday high and hitting its highest level in dollar terms in seven years; the all time record highs in gold in euro terms will be seen in other fiat currencies including dollars in the coming months.

◆ The coronavirus outbreak is impacting economic growth forecasts, earnings and hence stock prices. This is leading investors to seek out other sources of returns and diversify into hedging and safe haven assets

◆ Gold and silver bullion coins and bars are being acquired as the coronavirus’ rising death toll and likely economic impact pushes investors into traditional safe-haven investments which tend to do well in uncertain times and economic downturns

*********