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Palladium slumps nearly 13%, gold up to 4.6% as precious metals join virus-led free fall * Palladium facing its worst daily performance since 2008 * Palladium sheds about $390 from Thursday’s record high * Platinum on track for worst week since 2008 * Silver set for its biggest weekly decline since 2011 Feb 28 (Reuters) – Palladium led a free fall in precious metals on Friday, slumping nearly 13% at one point earlier in the session, while gold slid as…

Why are stocks and gold both under so much selling pressure? Over this entire trading week analysts, traders and investors have remained bewildered not so much at the extent of the selloff, but analysts and investors were even more perplexed at the major selloff that occurred in gold in tandem with an asset class that traditionally carries a negative correlation. With so much warranted selling pressure in global equities many have been perplexed as to why gold found no support…

Shark Tank's Robert Herjavec: the scariest threat to safety is not just coronavirus The coronavirus has not only left the world paralyzed with fear of getting sick, but also presents new opportunities for hackers to attack the private sector, this according to Robert Herjavec, founder and CEO of Herjavec Group and star of Shark Tank. “Robert Mueller had a great saying, which was ‘there’s only two types of companies, those that have been hacked and those that are about to…

Catching gold's elusive $1,700 level: Prices eye coronavirus cases, U.S. Super Tuesday — Pepperstone The pullback in gold prices offers a buying opportunity, according to Pepperstone, which remains bullish on the yellow metal as it looks to add longs on a move through $1,660 an ounce. “Investment case hasn’t changed. We are seeing more compelling signs playing through. Gold is trading as a currency in its own right,” Pepperstone’s head of research, Chris Weston, said on Wednesday. Gold has made…

Looking to $2,000 gold price: Coronavirus is the ‘straw that broke the camel’s back’ — Sprott CEO The coronavirus was the shock that gold was waiting for before moving to higher levels with charts now pointing to an eventual breach of $2,000 an ounce, according to Peter Grosskopf, CEO of Sprott Inc. “What the coronavirus added [was] a shock to the economy. I would call it a straw that broke the camel’s back. Economies were already at best shuffling along…

Volatility ramps up in gold as COVID-19 spreads On Friday gold futures closed up in double digits with a net gain of over $20 on the day. This led to the only time we see gold prices gap extremely higher, or lower; the weekend. As gold reopened Monday morning in Australia it did so with a powerful upside move. After closing just above $1643 per ounce on Friday, gold prices opened at $1656 and then began a substantial, but short-lived…

Gold and palladium both have a historical week This was truly an historical week for traders of the precious metals. Both gold and palladium made substantial and strong upside moves resulting in a all-time new record high for palladium, and gold reaching a seven-year high. There are distinct differences in the rationale and reasons that these two metals had such strong gains. In the case of palladium, it is a simple issue which revolves around a growing demand, and a…

Wheaton Precious Metals (NYSE: WPM) exceeded its year end guidance in its production report released tonight. In 2019 gold equivalent ounces came in at 706,900, up from 690,000 forecast for the year. The gold equivalent ounces was made up of gold at 406,604 oz, silver at 22,544 ounces and palladium at 21,993 ounces. The 2020 forecast is for 685,000 to 725,000 gold equivalent ounces. "In 2020, gold production is forecast to remain strong primarily driven by Salobo and San Dimas.…

Gold has room to push to $1,600 in the short term UBS A correction in equity markets due to shifting economic growth expectations could be the catalyst to push gold out of its narrow range, according to one market strategist. In a recent report, Joni Teves, precious metals strategist at UBS, said that although gold is currently stuck in no man's land, there is potential for prices to push to $1,600 an ounce. The question is, for how long can…

Gold poised for a weekly gain as virus fears lift safe-haven demand * Gold on track for a weekly rise * U.S. consumer spending slows * China reports 121 new deaths and 5,000 new coronavirus cases * Palladium up over 4% for the week so far Gold prices rose to the highest level in more than a week on Friday, on track for a weekly gain, as investors bet on the safe-haven metal to hedge against the economic impact of…