SHANGHAI (Reuters) - The president of the Shanghai Gold Exchange (SGE) called for a new super-sovereign currency to offset the global dominance of the U.S. dollar, which he predicted would decline long term, while gold prices rally.
FILE PHOTO: A sales assistant displays a 1000 gram gold bar as an investment for a customer at Caibai Jewelry store, in Beijing, China, August 6, 2019. REUTER... read more
On February 10 the stock markets were at all-time highs, with the Dow 30 at almost 30,000. The unemployment rate was at an all-time low and interest rates around most of the world were at all-time lows.
With interest rates near zero for an entire decade, the value of stocks, bonds, real estate, land, and virtually any asset was artificially inflated. As a result, total household net worth doub... read more
Retail stores may take a big hit: 100,000 locations could close by 2025 – a trend accelerated by the COVID-19 outbreak – if more Americans opt for online shopping.
Analysts at Wall Street firm UBS said in a research note this week that the pandemic could alter behaviors, leading more shoppers to continue buying online. Shoppers who do go to stores may not linger, they said.
“Even when... read more
Part of an emergency $2.2 trillion effort to help businesses and workers hit by the Coronavirus outbreak, the federal government has started handing out money this week to major airlines under what's known as the Payroll Support Program, as President Donald Trump on Tuesday said he was ordering federal officials to consider similar help for the U.S. oil and gas industry.
“The Payroll Suppo... read more
The early encouraging news on Gilead’s remdesivir along with a blue print on how to gradually reopen the US economy definitely gives good reason that we are getting our arms around this virus and its dramatic impact and we can more confidently look at the other side. That however is why the S&P 500 has already rallied about 30% (after today’s opening) off the March 23rd lows retracing abo... read more
(Bloomberg) -- Gold extended its rally to hit the highest level in more than seven years on concern that the coronavirus pandemic will have a devastating effect on the global economy, hammering corporate earnings while supercharging demand for havens.
Futures in New York moved closer to $1,800 an ounce, the level last seen in 2011. Spreads between futures and spot prices remain wide, suggestin... read more
The money Argentina’s Central Bank is pumping into the moribund economy to provide cheap credit is finding its way straight back to its own coffers, bypassing the real economy.
The institution is providing commercial banks with money to give as loans to local companies. But instead of lending the cash, the bank are depositing the vast majority back in the central bank at zero percent interes... read more
For most Americans, the economic impact of the coronavirus has been more devastating than the virus itself. Considering COVID-19 is particularly dangerous to those with pre-existing illnesses, the impact of the virus on the economy was predictable — it was already sick.
While President Donald Trump could boast record-high stock prices, America has long suffered from a population saturated... read more
Jeffrey Gundlach has a warning for investors piling into gold-backed ETFs: Don’t think you’ll get the physical metal back.
State Street Corp.’s $50 billion SPDR Gold Shares ETF, ticker GLD, attracted $2.9 billion of inflows last week, its biggest haul since 2009, as haven demand amid escalating coronavirus fears boosted the metal. Meanwhile, assets in gold ETFs climbed to a record on T... read more
DoubleLine Capital CEO Jeffrey Gundlach said the market low reached last week will get taken out before a more “enduring” bottom.
“The market has really made it back to a resistance zone and the market continues to act somewhat dysfunctionally in my opinion,” Gundlach said. “Take out the low of March and then we’ll get a more enduring low.”
The S&P 500 tumbled into a bear mark... read more
