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Market mayhem pushes gold to highest since 2012

johnNjohnN
in The Bullpen
https://seekingalpha.com/news/3549594-market-mayhem-pushes-gold-to-highest-since-2012

Market mayhem pushes gold to highest since 2012
Mar. 08, 2020 9:34 PM ETSPDR Gold Trust ETF (GLD)By: Carl Surran, SA News Editor32 Comments
Gold futures blast past $1,700/oz. as the global rush into safe haven investments intensifies amid sinking stocks, oil market turmoil and tumbling Treasury yields.
Spot gold surged as much as +1.8% to $1,703.39/oz. in Singapore, the highest since December 2012.
Markets are concerned that "we could see a more ugly situation before things get better, which of course is good news for gold," says Michael McCarthy, chief market strategist at CMC Markets in Sydney.
The U.S. and Europe now face the "distinct possibility" of technical recessions in this year's H1 as the coronavirus outbreak hurts demand and supply, and drives investors to safe havens, says Pimco's Joachim Fels.
Among other main precious metals, silver was flat, while platinum fell 1.1% and palladium dropped 2.5
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