What a crazy week it was in gold news. I recall that Lenin quote where “there are decades where nothing happens; and there are weeks where decades happen.” Of course the week was dominated by the news of the COVID-19 coronavirus. After the gold price burst through the 1700 USD/oz barrier for the first time in over 7 years, it then retraced its gains and then some in lockstep with the great Wall St sell off. With investors selling off assets to cover market losses, gold was not the safe haven it was the week before.
Meanwhile Bitcoin had its first major test as a safe haven during an economic crisis, and it fared even worse than gold. Bitcoin dropped over 50% from its 2020 high.
Here is this weeks pick of gold news for the week ending 13 March, 2020.
Gold Price (USD/OZ)
13 March 2020: $1583.66
Change from last week: -$94.12 (-5.64%)[View Live Gold Price.]
Gold News Around The Web
Investors hunting liquidity are selling gold to ride out turmoil – [Yahoo! Finance]
Gold’s small stumble is just a ‘blip’, analysts say – [Stockhead]
Revolut lets you purchase gold – [TechCrunch]
Pallaqueras, the women who hunt for gold at the top of the world – [The Guardian]
Global Gold is precious metals company from Switzerland that offer a safe and convenient way of buying and selling gold, silver, platinum and palladium. All metals can be safely delivered or securely stored in high-security vaults of your choice in Switzerland, Singapore, Hong Kong, and New Zealand.
Gold-backed Crypto News
Going for gold amid coronavirus recession fears – [Forkast News] “Gold bars are unwieldy. Gold futures and ETFs carry risks. Could gold-backed crypto, or digitized gold, be a better hedge to ride out the current market tumult?”
Aurus’ Gold-Backed Token Project Attracts €1 million from Silver Rock Group Dubai (Press Release) – [Markets Insider]
See the complete list of gold-backed cryptocurrencies.
For the most convenient way to buy gold with bitcoin go to Vaultoro.