It is a good time to buy gold – an analysis of prices over the last six weeks shows that the precious metal has gained $300 since mid-March, echoing the behaviour we saw in 2011. The July – August window back then resulted in $1900 trading. This is significant because that run was provoked by the same thing we are seeing now; a Federal Reserve policy of quantitative easing and much looser economic policy.
With record levels of unemployment – 26.4 million people have so far submitted unemployment claims in the US as of yesterday (Thursday) – and many industries on the brink of collapse including travel and hospitality, it is entirely expected that even when countries are able to go back to work, the economic impact of coronavirus will linger for several years.
Although governments have pledged to support workers and rolled out stimulus packages, loans and grants, including an expected $50 billion aid package just signed by President Trump for the airline industry, that will need to be clawed back in the months to come, putting gold in a very strong position. If you saw our Wednesday bulletin, you’ll see that Bank of America expects gold to hit $3000 within the next 18 months.
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