Alex Christoforou
Via Mining.com (https://www.mining.com/gold-price-rally-testing-2000-hurdle/)…
Bullion has surged more than 30% so far this year to a record high and is one of the best-performing assets in 2020 as a result of increased safe-haven demand during the coronavirus pandemic.
Investors are driven by the belief that the metal will hold its value better than other assets as fallout from covid-19 ripples through the global economy.
In the US, the world’s largest economy, central bank stimulus has pushed inflation-adjusted bond yields to record lows, making non-yielding gold more attractive. The dollar has also weakened sharply, making bullion cheaper for buyers with other currencies.
“The never-before-reached $2,000/oz is a major psychological resistance level, with gold’s 49-year trend channel resting just below it at $1,983,” said Commerzbank technical analyst Karen Jones.
“Only an end-of-month or, better yet, end-of-quarter close above these levels will signal a break from the channel,” she added.
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In 1932, before Roosevelt’s Great Gold Heist, gold was $20 and 86 cents an ounce.
It is now $2,000.
That doesn’t mean gold has increased in value – it has just stayed the same.
What it does mean is that all fiat currencies, dollar, pound, franc, lira, mark, have lost over 99% of their value.
So you need 100 x as many toilet paper dollars, or whatever, for an ounce of gold.
Manhattan is all boarded up, I’ve seen pictures of high street shops completely boarded up. That contradicts some forecasts for the US economy.. security guards are positioned outside department stores, it seems as though looters were allowed by the mayor to have a free hand in going what they wanted.