Gold in USD – 3 Days
Gold has surged to new record highs in most currencies today including new record highs in British pounds at £1,458/oz and in euros at €1,632/oz.
Gold has risen to $1,765/oz in dollars which is a 1.3% gain, it’s the fourth day of gains, and a new 8 year high in dollars as U.S. Chinese tensions escalate sharply.
Silver has surged nearly 5% today alone to $17.48/oz and is building on the strong gains of over 8% seen last week.
Gold is now outperforming the 30 year US bond and is the best-performing asset in 2020 year to date in all currencies with a 16.5% dollar return year to date (See year to date 2020 performance here).
Gold is 16.5% higher in dollars, 20.7% higher in euros and 25.2% higher in embattled sterling year to date.
Gold’s gains on all currencies are due to concerns that global currencies will be devalued in the coming months and years as currency creations and debasement on a scale never before seen in world history is engaged in.
A sharp global recession or Depression is inevitable and the only question is how severe and how long it will be.
There are also major geopolitical, monetary and systemic risks from the draconian global lockdowns, from Brexit and risks to the viability of the Eurozone itself and indeed risks to the banking sector and large systemically important banks such as Deutsche Bank (see DB share price).
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