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Gold pushes back over $1600 mark on unemployment claims stunner

(USA GOLD – 4/2/2020) – Gold pushed back over the $1600 mark in overnight and early U.S. trading as attention in financial markets began to shift from the potential economic repercussions from the corona virus to its very real on the ground effects.  Reading through various news sites this morning those real effects are legion, in fact, too numerous to mention, but the real stunner was another 6.6 million in new unemployment claims reported this morning by the U.S. government – double last week’s 3.25 million initial claims.  Gold is trading at $1607 – up $13 on the day.  Silver is up 37¢ at $14.38.

“I am expecting gold to continue to make strides,” said State Street Global Ad visors’ George Milling-Stanley  in yesterday  “Gold jewelry demand may drop, but I am expecting a large increase in investment. This is what happened in 2008: Jewelry demand dropped but gold investment increased. If you look at flows into GLD [ETF], we saw significant inflows — just shy of $1 billion in the last week. We have had $3.8 billion in inflows year to date. Corona virus is going to continue to be a concern. Br exit is still an issue. There are problems in the Korean peninsula. Investors have shifted from, ‘Is there going to be a bear market’ to ‘How long will the bear market last?’ All of this is positive for gold.”

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