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Gold gets double "haymaker" punches from both U.S. stock market rally, sell off from highs

Jim Wyckoff

Kitco News

Live 24 hours gold chart [Kitco Inc.]

(Kitco News) - Gold and silver prices are getting hammered at midday Friday, down over $75.00 an ounce in gold as of this writing. As the U.S. stock market fell down from its sharp, early-morning gains the gold market sold off on notions of another rough day in the stock market that would put strains on liquidity in many markets, so a “sell gold while you can” mentality emerged. Then, as the U.S. stock indexes stabilized and started to move back higher, notions resurfaced that the worst of the coronavirus-induced market panic has passed. This rallied the U.S. stock indexes and the U.S. dollar index, which in turn added to more selling pressure in the gold and silver markets. “It’s just crazy,” said one longtime metals market watcher. President Trump is reportedly going to declare a national emergency Friday afternoon. The fireworks in the global marketplace are far from over, even if the peak panic period of this market shock has now passed—which is still very dabtable. April gold was last down $72.60 at $1,519.10.

By Jim Wyckoff

For Kitco News

Contact jwyckoff@kitco.com
Disclaimer: 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.