gold investment, silver investment

paul-rejczak

Gold Daily News: Tuesday, March 24

March 24, 2020, 7:54 AM Paul Rejczak

The gold futures contract gained 5.59% on Monday following Sunday's Fed unlimited Quantitative Easing announcement. Yellow metal has retraced almost half of its recent sell-off, as it got back above the $1,550 level yesterday. Today, gold is extending that short-term rally and it gets closer to March 9 medium-term high of $1,704.30.

Gold is rallying 7.0% today following Euro vs. U.S. dollar advance, among other factors. It gets closer to the mentioned medium-term high. What about the other precious metals? Silver gained 7.07% on Monday and today it is gaining an additional 5.0%. Platinum has gained just 0.8% yesterday and today it is gaining 6.7%. Palladium gained 1.08% on Monday and today it rallies by almost 12%.

The financial markets react to the mentioned Sunday's Fed announcement. The stock market has basically crashed along with precious metals prices a week ago. Stocks retrace some of their decline this week and gold is back at medium-term high again. The scheduled economic data releases have been much less important than the mentioned virus crisis developments recently. However, some of last week's releases have showed a sharp downturn. Today, we will get relatively important U.S. PMI numbers release at 9:45 a.m. Take a look at our Monday's Market News Report to find out about this week's economic news releases!

Thank you.

Paul Rejczak
Stock Trading Strategist
Sunshine Profits - Effective Investments through Diligence and Care

Did you enjoy the article? Share it with the others!

Nov Market Overview

Gold Market Overview

The U.S. passed a milestone! The federal debt in private hands surpassed 100 percent of GDP measured quarterly, in the second quarter of 2020. On an annual basis, it would exceed the size of the economy next year, due to a massive fiscal stimulus and a plunge in revenues amid the coronavirus crisis (however, the fiscal deficits and debts were already increasing significantly prior to the outbreak of pandemic). According to the Congressional Budget Office, the fiscal deficit will reach $3.3 trillion in 2020, more than triple the shortfall recorded last year. At 16.0 percent of GDP, the budget deficit would be the largest since the World War II. Is the US waging a war I don’t know about?

Read more in the latest Market Overview report.

menu subelement hover background