Gold vaults over $2000 mark in overnight trading, then reverses
Follow up to biggest single-day gain in recent memory
(USAGOLD – 3/20/2023) – Gold vaulted over the $2000 mark in overnight trading, reversed course back below $2000, and is now down $6.50 on the day at $1985. Silver is down 14¢ at $22.55. The overnight volatility followed on the heels of the Swiss National Bank’s controversial bailout of Credit Suisse and the announcement of new joint central bank measures to ease liquidity pressure on the international banking system. Gold is coming off its biggest single-day gain in recent memory (+$69) on Friday. On the week, it was up 6.75%; silver was up 10.7%.
“The Fed is broke,” says Wall Street notable Jeffrey Gundlach.”The Fed’s balance sheet is negative $1.1 trillion. There’s nothing they can do to fight any problems except for printing money.” He warns of a dollar collapse. “I think gold is a good long-term hold,” he adds, “gold and other real assets with true value, such as land, gold and collectibles.” [Source: Zero Hedge]
Gold and silver price performances
(%, 5-day)
Chart courtesy of TradingView.com • • • Click to enlarge
