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3:14 am Tue. March 31, 2020 (USMT)
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Daily Gold Market Report

Gold drops modestly after largest weekly gain since 2008

(USAGOLD –3/30/2020) – Gold dropped modestly in the wake of last week’s big $140 runup – its best weekly performance since 2008.  It is off $8 at $1618 as we begin a new week. Silver is down 43¢ at $14 – a reminder of investors lingering concerns about deflation. Overall financial markets continue to react skittishly to the advancing coronavirus and the severe economic damage it has wrought. Financial Times reports this morning that the already strong demand for physical gold is likely to remain in place with weakening currencies globally and negative real rates of return continuing to dominate investor thinking.

Credit Suisse summons memories of the 2008-2009 financial crisis (See our Chart of the Day below) in a recent update to its gold forecast. “We remain major long term Gold bulls,” says the Swiss bank in an advisory relayed by FX Street, “with the market encouragingly back above its 200-day average having held above key support at $1452/1446. It’s important to note that Real Yields have stopped rising and we still believe a similar dynamic will play out to 2009 when after a sharp initial correction in 2008, gold eventually went on to make new all-time record highs. Resistances above $1700/05 are eventually seen at $1734, the 78.6% retracement of the 2011/15 down move, then the $1796/1803 corrective highs from 2011/12. We still look for new record highs above $1921.”

Chart of the Day

Line chart showing the St. Louis Federal Reserve's Financial Stress Index with even annotationsClick to enlarge.

Chart note:  The red line represents an older version of the St. Louis Fed’s Stress Index, the blue line the latest rendition. As you can see, financial stress has not been this high since the 2008 financial crisis. Keep in mind the high reading is without the impetus of any financial institution or fund of consequence reporting as of this morning serious difficulties and/or requesting a bailout. Note the acceleration in the index after the Bear Stearns and Lehman failures in 2008.


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Live London Gold News Wire
NEW in the last 5 minutes --LIVE NEWS--
Gold drops to multi-day lows, manages to hold above $1600 mark03:07
5 to 10 minutes old --LIVE NEWS--
'Gold will not have a good run in next few years'03:01
The Economic Times
Announcement – In relation to the matter of Real Gold Mining Limited (Incorporated in the Cayman Islands with limited liability) (Stock Code: 246) Cancellation of listing03:00
Hong Kong Exchanges
10 to 15 minutes old --LIVE NEWS--
Gold flows help UK current account, but economy flatlined in late 201902:58 - Economy
Gold Shows Hope for Bulls Residing Above $1600?02:58
AtoZ Markets - RSS Feed
15 to 30 minutes old --LIVE NEWS--
South Africa's Harmony Gold sees lower output during 21-day lockdown02:50 - Commodities
Huge Unemployment Is Coming. Will It Push Gold Prices Up?02:44 - Market Overview
30 minutes to 1 hour old --LIVE NEWS--
Bluestone Continues to Advance the High-Grade Cerro Blanco Gold Project02:38
Harmony Gold’s nine underground mines cease operations02:23
Engineering News
Harmony Gold’s nine underground mines cease operations02:12
Mining Weekly
1 to 2 hours old --LIVE NEWS--
Daily Brief, Mar 31: Things You Need to Know to Trade Gold01:57
FX Leaders - Gold
South Africa's Harmony Gold sees lower output during 21-day lockdown01:40
Reuters - Commodities
Huge unemployment is coming, will it push Gold prices up?01:39
FXstreet - Latest Analysis
Huge Unemployment Is Coming. Will It Push Gold Prices Up?01:39
FX Empire - Forecast
Golden Energy JV completes acquisition of Australia gold mine01:38
Business Times Online - Energy & Commodities
Gold Prices Edge Lower But Coronavirus Fears Underpin Haven Bids01:24
Daily FX
UK current account gap narrows, thanks mostly to gold swings01:23 - Economic Indicators
UK current account gap narrows, thanks mostly to gold swings01:20 - Business & Finance
The powerful 2008 lessons that apply to Gold today01:19
FXstreet - Latest Analysis
South Africa's Harmony Gold sees lower gold production during 21-day lockdown01:18
Reuters - Industry, Materials & Utilities
Gold Production Surged 18% in Q4 2019: Jaguar Mining01:16
Scrap Monster
Earlier Today --LIVE NEWS--
Gold Edges Lower as Global Equities, US Dollar Rally00:57
FX Leaders - Gold
UK current account deficit narrows in fourth quarter - ONS00:50 - Business & Finance
Gold Fields places South Deep mine on care-and-maintenance00:43
Engineering News
Gold Should Not Fall Below This Level: March 31 Preview00:43 - Commodities
Gold Fields places South Deep mine on care and maintenance00:38
Mining Weekly - Gold
'Game-changer' gold find emerging in Mali00:18
SBI Mutual Fund suspends fresh investments in gold fund00:13
The Economic Times - Personal Finance/ Savings
Gold price drops in Azerbaijan on March 3100:07
Trend News Agency - Business
Gold falls and dollar firms on hopes of rebound in China00:06
Financial Mail - Markets
2 to 4 hours old --LIVE NEWS--
Tanzanian Gold announces doubling of resources in Buckreef GoldProject23:33 - Business
Gold, silver prices edge higher on Tuesday as economic fallout from coronavirus cushions support23:14
The Financial Express - Commodities
4 to 6 hours old --LIVE NEWS--
Piggott exits Core Gold23:08
SBI Mutual Fund suspends fresh investments in gold fund23:06
The Times of India - Stocks
Harmony Gold joins R1B COVID-19 pledge23:06
Mine Risk Management
30th March, 2020: Scrap Gold and Silver Prices Declined, Platinum Unchanged on Index23:06
Scrap Monster
PRECIOUS-Gold falls as dollar strengthens, shares rally; set to post quarterly gain23:05 - Regulatory News
Gold price up 20 percent so far this year as investors turn to precious metal to protect wealth23:03
Jakarta Post - Business
Resolute Mining completes sale of Ravenswood Gold Mine22:50
Proactive Investors (UK)
Resolute Mining completes sale of Ravenswood Gold Mine22:49
Proactive Investors (Australia)
Why St Barbara and the ASX gold miners are sinking lower22:34
The Motley Fool (Australia)
Worst-Ever Quarter for South African Stocks Has a Gold Lining22:26
BNN Bloomberg - Commodities
Venus Metals identifies 10 priority gold anomalies at Sandstone-Bellchambers21:49
Proactive Investors (Australia)
6 to 8 hours old --LIVE NEWS--
Gold Price Today: Yellow metal prices set for sixth straight quarterly gain21:08
Zee Business - Personal Finance
Gold Price News and Forecast: XAU/USD range play continues, focus on Bollinger bands20:52
Gold prices set for sixth straight quarterly gain20:29
The Economic Times
Gold Price Analysis: Range play continues, focus on Bollinger bands20:22
Gold Prices Down as Asian Markets Report Gains20:15 - Commodities
Gold prices set for sixth straight quarterly gain20:02
Reuters - Business
Oklo Resources surges as it hits up to 32 metres at 10.57 g/t gold and extends SK1 North discovery19:54
Proactive Investors (Hong Kong)
ALERT! Institutional shortages of physical gold and silver have impacted hedging facilities in the New York Comex futures market, creating a unique market condition where the spot prices of gold and silver at which a physical dealer can hedge - and therefore use as a basis to price it products - is currently trading approximately $20 higher (gold) and 20¢ higher (silver) than what our pricing system indicates in the menu bar above. The June gold futures contract represents a more accurate price at which gold products will be priced against. Due to these extraordinary pricing conditions, all gold and silver orders must be confirmed by telephone only. We are closely monitoring this situation, and we will update when more information becomes available.

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