Gold Breaks $2,000/oz and Surges to $2,042/oz – New All Time Record Nominal Highs
◆ Gold surged past the important $2,000/oz level to a new record high today due to concerns about the outlook for stocks, bonds and other assets in an increasingly vulnerable U.S. and global economy.
◆ Gold has surged to new record highs in all major currencies today including new record highs in British pounds at £1,554/oz and in euros at €1,720/oz due to concerns about the outlook both for assets and currencies such as the euro, pound and all fiat currencies.
◆ The price of gold surged over $2,042/oz, supported by the mounting virus and economic lockdown fallout and record deficit spending by governments and central bank currency creation to buy bonds and others assets in the debt laden financial system.
◆ The explosion and destruction in Beirut highlighted the risk of war in a very unstable Middle East and a scramble for safe haven assets as some 2,700 tonnes of ammonium nitrate exploded in Beirut, reducing parts of the Lebanese capital to rubble.
◆ Gold has reached new record nominal highs due to a combination of financial, economic, monetary and geopolitical risks and many analysts are forecasting further gains in the coming months with the $3,000 per ounce level being call for by many analysts including GoldCore.
◆ There are increasing concerns about the value of the dollar and other currencies due to currency creation on a scale not seen since Weimar Germany. This comes at a time when savers are not getting any yield on their bank deposits and are increasingly facing negative rates on depreciating currencies.