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Daily Gold Market Report

Gold drops sharply on Russia vaccine announcement

(USAGOLD – 8/11/2020) – Gold dropped sharply in overnight trading as Russia announced it had developed a workable coronavirus vaccine.  The sell-off carried over to the open of New York trading, where the metal is down $59 on the day at  $1971.  Silver is down $1.55 at $27.64. The dollar is also down sharply and Treasuries yields bumped higher in what looks like a general sell-off among the safe havens on the news out of Russia. Volumes are high on the commodities exchange in both metals – an indication that speculators are taking profits after the huge run-up over the past several months.

The first inkling of profit-taking came Friday when SPDR Gold Shares reported a $382 million outflow. “While that’s a drop in the bucket for the $82 billion fund,” said Bloomberg, “it marked the largest withdrawal since March.” Bloomberg quotes CFRA Research’s Todd Rosenbluth as saying “No fund gathers flows in perpetuity as investors inevitably take profits after a tremendous run of inflows in 2020.” Especially, we would add, when those inflows are at the record volume gold ETFs have experienced since the year began – a stockpile now second only to what is on the books at the U.S. Treasury Department.

Chart of the DayLine charat showing the US dollar index ytd through 8-5-2020

Chart courtesy of TradingView.com  • • • Click to enlarge

USAGOLD note:  The sharp downward spiral in the dollar is one of the primary drivers for gold’s bull market. Earlier in the year, the two were rising together as investors sought safe-haven protection from the economic ill effects of the coronavirus.  Since late May, gold has headed up, though, while the dollar has headed down. The chart shows the performance of the U.S. Dollar Index year to date. “The US dollar,” reports the Financial Times, “has tumbled the most in a decade this month, propelling sterling and the euro higher amid questions over the recovery of the world’s biggest economy and growing political uncertainty.”

 


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