Precious metals are collapsing! Gold fell $80, the biggest drop in seven years

category:Finance
 Precious metals are collapsing! Gold fell $80, the biggest drop in seven years


U. Michael matousek, chief trader at S. global investors, said many investors and traders had to meet margin requirements for other products, so they were selling as much as they could. Thats why gold and gold stocks have been hit. People are trying to sell whatever they can. Its a full sell-off.

COMEX gold futures closed down $75.80, or 4.6%, the biggest one-day decline in nearly seven years, at $1566.70 an ounce, down 5.0% this week and more than 1% in February. Royal Bank of Canada said investors sold gold to cover losses and meet margin calls. We dont think that todays market performance is the loss of faith in gold as a recognized safe haven asset, nor that there has been a fundamental change in the markets attitude towards gold.

The public panic led to the biggest weekly decline in global stock markets since 2008, with a market value of nearly $6 trillion evaporated so far this week; precious metals, which have been regarded as safe haven assets by the market, were hit hard on Friday. The spread of public health events makes the whole physical commodity market in a state of selling, which shows the threat to the global economy to some extent.

Standard Chartered said that the fall in gold prices may be investors selling cash to meet the additional margin in the stock market decline; in the long run, gold prices are bullish as the Federal Reserve will cut interest rates.

In other precious metals, spot palladium fell 13% to $2494.63 an ounce, down about $390 from a record high of $2883.89 just set on Thursday. Palladium, which acts as a catalyst for automobiles, is still expected to rise for the seventh consecutive month due to continued supply shortages. Ryan giannotto, research director at graniteshares, said palladium was a similar phenomenon and people needed to sell palladium to make up for their losses in other areas.

Spot platinum fell 6.07% at one point, breaking its low since August 22 last year to $848.25 an ounce, which is expected to record its biggest weekly decline since 2011. Spot silver fell 7.69% to $16.39 an ounce, the biggest weekly decline since 2013.

[recommended] weight report! 100 economists predict 2020 economic and investment trends

Purchase method:

Step one:

If you want to buy a trial version (see the first two parts of this report, Macroeconomic confidence and macroeconomic indicators), please scan the code and pay 19 yuan.

If you buy the complete version (you can see all the contents of 5 parts of the report), please scan the code and pay 29 yuan.

(if you are a client user, please share this article with wechat to open, or save the picture / screenshot to open in wechat, and then pay in wechat client.)

(Alipay payment code)

The second step:

After the payment is completed, please scan the QR code below, add the official wechat of NetEase Finance and economics little fairy in Houchang village, send the screenshot of the payment success to the little fairy. After receiving the screenshot, the little fairy will send you a report immediately.

(special tips: if you place an order between 11:00 p.m. and 7:00 a.m., you may encounter the situation of delayed reply. The fairy also needs to rest.)