Gold makes a big move

 

Michael McCrae  Tuesday March 24, 2020 01:39

Article From kitco.com

 

Kitco News

 

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Gold is up 7% from the start of the day.

The precious metal hit a low of $1,488 ounce early this morning and finished the day $100 higher at $1,588 ounce.

Silver is also up, too, moving about 12% higher to $14 ounce.

The precious metals have had some help. Many gold producers, such as Newmont and Osisko Gold Royalties, have withdrawn 2020 guidance due to mine operation disruptions to limit the spread of COVID-19.

Pan American Silver Corp. (NASDAQ, TSX: PAAS), which last week temporarily suspended operations at four mines in Peru, has now curtailed operations in Argentina and Bolivia also as a result of the COVID-19 pandemic, the company announced Monday.

Reuters reports that three of the world's largest gold refineries said today that they had suspended production in Switzerland for at least a week after local authorities ordered the closure of non-essential industry to curtail the spread of the virus.

The Federal Reserve also committed to more aggressive measures. It will keep buying assets to keep the market functioning.

By Michael McCrae

For Kitco News

mmccrae@kitco.com

www.kitco.com


The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.


McCrae, Micheal (March 24, 2020 01:39). Gold makes a big move. kitco. https://www.kitco.com/news/2020-03-24/Gold-makes-a-big-move.html


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