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4:32 pm Wed. October 28, 2020 (USMT)
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Daily Gold Market Report

Gold sells off on virus surge in U.S. and Europe. March redux?

(USAGOLD – 10/29/2020) – It’s a day in October, but it’s beginning to look like a day from this past March when the markets got the first inkling of the financial danger that could accompany some deadly new virus originating in China. Gold and stocks sold off together then, and the dollar firmed. Today gold is down $25 at $1885. Silver is down 63¢ at $23.85. Global stock markets are also down sharply. The dollar index is up sharply. With rising case counts headline news in Europe and the United States, the virus is once again the culprit.

The ZeroHedge website posted some interesting observations from Greenlight Capital’s David Einhorn yesterday. “It isn’t difficult,” he says, “to envision this tempest exploding after the election, no matter which side wins. … A poll by Rasmussen Reports found that 34% of likely voters believe a civil war is likely in the next 5 years. While this is probably too pessimistic, it likely reflects a rising tail risk…The only common ground between the two parties seems to be money-printing. Over $3.3 trillion has been printed year-to-date, which represents nearly 22% of all U.S. dollars in existence at the end of 2019. Unsurprisingly, gold is outperforming. Investors who have argued against gold for decades are now buying some.” Einhorn, some of you might recall, was introduced to gold by his grandfather, an ardent advocate of the metal. His grandson built on that legacy and never abandoned the family attachment to the metal.

Charts of the Day

Euro Area Central Bank Balance Sheet


Japan Central Bank Balance Sheet


United States Central Bank Balance Sheet


China Central Bank Balance Sheet


Chart note:  For the record, the charts on quantitative easing in various economies from 2000 to present. The most notable feature for Europe, Japan, and the United States is the pandemic-related surge in 2020. China is lagging on a relative basis and that might be one of the reasons why the Chinese yuan has been in an upswing over the past few months.


Live London Gold News Wire
30 minutes to 1 hour old --LIVE NEWS--
Gold steadies in Asia14:59
Business Recorder, Pakistan
China gold consumption rebounds in Q3 as strong wedding market lifts sales14:59
Business Recorder, Pakistan
Gold prices fall14:59
Business Recorder, Pakistan
Gold Price Analysis: Bears finally catch a break14:53
Colombia to hold gold, copper, phosphate bidding rounds 2021 and 202214:50
Business News Americas - Mining
Markets tank; why is gold not trading like safe haven? March all over again? Expert answers14:49
Kitco - News Bites
Gold prices fall for third consecutive day14:47
Pakistan Observer - Business
1 to 2 hours old --LIVE NEWS--
NA Proactive news snapshot: CleanSpark, Newrange Gold, XPhyto Therapeutics, GGX Gold, Altamira Gold, Goldseek Resources UPDATE …14:21
Proactive Investors (USA & Canada)
NA Proactive news snapshot: CleanSpark, XPhyto Therapeutics, GGX Gold, Altamira Gold, Goldseek Resources, Mawson Gold, UPDATE …14:01
Proactive Investors (USA & Canada)
Direct Bullion Comments on Gold Production Declining in 202013:59
Business Wire (Press Release) - Natural Resources
Gold Price Forecast: Run-Of-The-Mill Midst Elections Uncertainty13:31
2 to 4 hours old --LIVE NEWS--
Frank Holmes: Gold Is the Winner of the U.S. Presidential Election12:40
Probe uncovers new, near-surface gold zones at Pascalis in Quebec12:33 - Gold
Newrange Gold launches drill site construction at Good Hope mine in Nevada12:30
Proactive Investors (USA & Canada)
Gold Price News and Forecast: XAU/USD falls below the 20-day moving average12:22
These Gold Mining Stocks Are Getting Crushed Today12:10
Nasdaq - Markets
West African Resources ups gold output by 40%12:08
Kitco - News Bites
Altus Strategies say gold recoveries are 'excellent'12:08
Kitco - News Bites
These Gold Mining Stocks Are Getting Crushed Today12:01
The Motley Fool
Gold Price Prediction – Prices are Poised to Test the September Lows11:59
FX Empire - Forecast
4 to 6 hours old --LIVE NEWS--
Kerala gold smuggling case: ED arrests suspended IAS officer M Sivasankar10:48
The Business Standard
Gold cracks below its 100 day moving average10:47
Gold price sheds $40 on COVID restrictions, contested election worries10:47
Kitco - News Bites
Gold futures log lowest settlement since late September10:45
MarketWatch - Economy and Politics
Gold Bulls, Stand Back But Stand By10:10
Resurgent U.S. dollar punishes gold, silver markets10:07
Kitco - News Bites
Gold Price Analysis: XAU/USD hits fresh monthly lows near $1,870 and remains vulnerable09:41
As Consumer Confidence Wanes, Gold Picks Up Steam09:40
ETF Trends
PRECIOUS-Gold slides on dollar rally as U.S. stimulus remains elusive09:38
Reuters - US Markets
Go For Gold With Kirkland Lake Gold09:37
Seeking Alpha - Investment Ideas
6 to 8 hours old --LIVE NEWS--
NA Proactive news snapshot: XPhyto Therapeutics, GGX Gold, Altamira Gold, Goldseek Resources, Mawson Gold, Innocan Pharma UPDATE…09:19
Proactive Investors (USA & Canada)
Is Barrick Gold (GOLD) Outperforming Other Basic Materials Stocks This Year?09:18
Nasdaq - Personal Finance
Gold slides on dollar rally as virus fears grip Wall Street08:51
The Economic Times - Commodities
GGX Gold reports encouraging high-grade results from a sampling program at its flagship Gold Drop property08:38
Proactive Investors (USA & Canada)
Gold ETF hunger remains huge08:29
The Market Ear
Gold: A blue wave to unleash a golden age for the precious metal08:10
Gold slides on dollar rally as virus fears grip Wall Street08:08
Reuters - Business
Today's Market View - Chaarat Gold; Savannah Resources and more...08:08
Proactive Investors (UK)
Chaarat Gold quarterly output falls; sticks to annual guidance07:58
InvestEgate (Company Announcements) - Trade
Gold Price Futures (GC) Technical Analysis – Crossed to Weak Side of Major 50% Level at $1889.7007:58
FX Empire - Forecast
Gold at 4-week low as near-term technical posture weakens07:56
Kitco - News Bites
Altamira Gold reveals longest gold-in-soil anomaly in previously unexplored area of Cajueiro project in Brazil07:38
Proactive Investors (USA & Canada)
Gold prices flat at Rs 50,989/10 gm, IBJA says sales in south India back to normal levels07:36
Volatile gold moves expected into the election but major selloffs below $1,840 are unlikely: MKS PAMP Group07:35
Kitco - News Bites
Earlier Today --LIVE NEWS--
NA Proactive news snapshot: Mawson Gold, Innocan Pharma, District Metals, XPhyto Therapeutics …07:28
Proactive Investors (USA & Canada)
Contested election is a 'primary risk for gold bugs': TD Securities07:25
Kitco - News Bites
Gold Investors to Flip to Bitcoin (BTC), Says Investor Raoul Pal07:11
CoinGape - Bitcoin News
Still bullish gold for the elections?07:08
The Market Ear
Gold loans may rise sharply in coming months as banks, NBFCs make norms stricter for other loans07:05
The Financial Express - Industry
Gold futures market profile analysis leading into the US open06:55
Kitco - News Bites

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