Gold reached $1,800. Today’s price is the highest since 2011. Gold is rising because people are looking to rush to safe haven investments due to Coronavirus fears. Year-to-date inflows for exchange-traded funds for Gold reached 655.6 tons. Investors are worried about new concerns for downside risk in asset prices. A resurgence of the virus could deter a surge in an economic recovery. So much damage has occurred due to people out of work and businesses closing, this is worse and the financial crisis of 2008. Goldman Sachs raised its price target for the year stating gold will reach $2,000 due to the long-lasting effects of the COVID-19 pandemic.
Silver is up 22¢ at $18.57.
“Many analysts and investors see the aggressive stimulus policies launched by governments and central banks globally as encouraging inflation down the road – potentially even the runaway variety.” Source USA Gold-