{"id":1177243,"date":"2020-04-09T10:33:10","date_gmt":"2020-04-09T15:33:10","guid":{"rendered":"https:\/\/www.mining.com\/?p=1019895"},"modified":"2020-04-09T14:33:10","modified_gmt":"2020-04-09T19:33:10","slug":"monetary-madness-lifts-gold-price-to-7-year-high","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1177243","title":{"rendered":"Gold price leaps to $1,750"},"content":{"rendered":"<p><em>UPDATED: 3:30pm EST <\/em><\/p>\n<div class='d-flex justify-content-center d-xs-block d-sm-block d-md-none'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>The gold price rallied again on Thursday as investors seek a store of value after the Fed said it&#8217;s pumping another $2.3 trillion in the US economy to stave off depression. <\/p>\n<p>On the Comex market in New York, gold for delivery in June, the most active contract, jumped to the highest since November 2012 at $1,754.50 an ounce in afternoon trade, up just over $70 an ounce, or 4.2% compared to Wednesday&#8217;s close. <\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.mining.com\/wp-content\/uploads\/2020\/04\/GOLD-PRICE-surges-to-1750.jpg\" alt=\"\" class=\"wp-image-1019960\" srcset=\"https:\/\/www.mining.com\/wp-content\/uploads\/2020\/04\/GOLD-PRICE-surges-to-1750.jpg 957w, https:\/\/www.mining.com\/wp-content\/uploads\/2020\/04\/GOLD-PRICE-surges-to-1750-300x198.jpg 300w, https:\/\/www.mining.com\/wp-content\/uploads\/2020\/04\/GOLD-PRICE-surges-to-1750-768x508.jpg 768w\" sizes=\"(max-width: 957px) 100vw, 957px\" \/><\/figure>\n<p>Fed Chairman Jerome Powell said that the bank was committed to use its powers &#8220;forcefully, pro-actively, and aggressively until&#8221; the US economy is &#8220;solidly on the road to recovery.&#8221;<\/p>\n<p>Powell&#8217;s comments in a prepared speech delivered virtually followed data showing jobless claims in the US surging by more than six million for the second week in a row, prompting fears that unemployment could reach more than 15%.<\/p>\n<p>Last month, Goldman Sachs said in\ufb02ationary concerns triggered by the central bank policy response to the pandemic could send gold to $1,800 an ounce as <a href=\"https:\/\/www.mining.com\/gold-price-rockets-more-than-100-to-seven-year-high\/\">the currency of last resort<\/a>.<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cWe believe physical inflationary concerns with the dollar starting near an all-time high will for once dominate financial asset inflation that was a feature of the past decade.\u201d<\/p>\n<\/blockquote>\n<figure class=\"wp-block-pullquote alignright\">\n<blockquote>\n<p> \u201cIt\u2019s safe-haven buying. People are scared\u201d<\/p>\n<p><cite>Peter Thomas, a senior vice president at Chicago broker Zaner Group<\/cite><\/p><\/blockquote>\n<\/figure>\n<h2>Bar none<\/h2>\n<p><a href=\"https:\/\/www.mining.com\/web\/gold-shows-few-signs-of-return-to-normal-with-spreads-still-wide\/\">Bloomberg reports<\/a> the gap between New York futures and spot prices in London for physical bullion have widened to roughly $40, a sign of lingering concern over future supply and the difficulty of shipping bars around the world amid the pandemic: <\/p>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cPeople are paying the premiums over in the physical market and I think it\u2019s rolling into the futures,\u201d said Peter Thomas, a senior vice president at Chicago-based broker Zaner Group. \u201cIt\u2019s safe-haven buying. People are scared.\u201d<\/p>\n<\/blockquote>\n<h2>ETF rush<\/h2>\n<p>Global gold-backed exchange-traded funds (ETFs) had $23 billion, or 298 tonnes of net inflows in Q1 2020 \u2013 the highest quarterly amount ever and the largest tonnage additions since 2016, the World Gold Council said in its&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/www.gold.org\/goldhub\/data\/global-gold-backed-etf-holdings-and-flows\" >latest report<\/a>.<\/p>\n<p>During the past year, gold ETFs added 659 tonnes, the highest on a rolling annual basis since the financial crisis, with assets under management (AUM) growing 57% over the same period.<\/p>\n<p>For the month of March, gold ETFs added 151 tonnes for a net inflow of $8.1 billion, boosting holdings to a new all-time high of 3,185 tonnes.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold vaults by $70 an ounce to 7-and-a-half year high as US central bank floods financial system with cheap money.<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[949,369],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1177243"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1177243"}],"version-history":[{"count":13,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1177243\/revisions"}],"predecessor-version":[{"id":1177329,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1177243\/revisions\/1177329"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1177243"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1177243"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1177243"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}