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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


Source: tradingeconomics.com

Japan Central Bank Balance Sheet


Source: tradingeconomics.com

United States Central Bank Balance Sheet

 
Source: tradingeconomics.com

China Central Bank Balance Sheet


Source: tradingeconomics.com

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.


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