Gold Surges 3.2% To $1,241/oz As Deutsche Bank And Other Stocks Fall Sharply
Gold has surged over 3% today on increased safe haven demand as stocks and in particular bank stocks see sharp falls. German shares have nose dived again and German colossus Deutsche Bank has fallen over 8%.
A host of negative factors sent investors fleeing riskier assets. Oil prices slid on inventory data and on concerns about slowing global growth as Federal Reserve Chair Janet Yellen warned of several risks facing the U.S. and Chinese economies, and the global economy.
Gold and Silver News and Commentary
Central banks and Chinese buyers helping to spur gold demand – Reuters
Flight to safety sends gold surging above $1,200 to 8-1/2 month highs after Yellen – Reuters
Indian gold demand to climb in 2016 as buyers seek safe haven – Reuters
Gold demand jumps as fear grips markets – Telegraph
Banks drag European shares down as investors seek safety in gold – Independent
VIDEO: JP MORGAN – Gold Rally Breaks the Bullion Downtrend – Bloomberg
VIDEO: I’ve never liked gold-but I do now: Trader – CNBC
Why Gold Has Been on a Tear in 2016 – Fortune
“It’s Probably Something” – Gold Surges Above $1200; USDJPY, Oil, Stocks Plunge – Zero Hedge
China is on a massive gold buying spree – CNN Money
LBMA Gold Prices
11 Feb: USD 1,223.25, EUR 1,080.80 and GBP 847.33 per ounce
10 Feb: USD 1,183.40, EUR 1,052.29 and GBP 816.56 per ounce
9 Feb: USD 1,188.90, EUR 1,061.90 and GBP 822.31 per ounce
8 Feb: USD 1,173.40, EUR 1,050.16 and GBP 810.44 per ounce
5 Feb: USD 1,158.50, EUR 1,035.58 and GBP 797.40 per ounce
GoldCore Note: Banks, economists, brokers, financial advisers and other experts did not see the first crisis coming in 2008 and they are not seeing it now.
A handful of people are warning about the risks and again they are largely being ignored. Investors and savers will again bear the brunt for the inability to look at the reality of the financial and economic challenges confronting us today.
Diversification remains the key to weathering the second global financial crisis.