World’s Equity And Bond Markets Sold Off On Worsening Coronavirus News

GOLD

Gold reached a high last night in Asian trading of $1,702 per ounce, the first time in over six years that Gold broke above the important $1,700 level. Then, the world’s equity and bond markets sold off on worsening coronavirus news and Gold saw a low of $1,657. A weaker U.S. Dollar (under 95) is helping to support the Gold price as it stabilizes around the $1,670 per ounce level. At 11am PT today, Gold is trading at $1,673 per ounce, unchanged on excellent volume.

SILVER

Last night in Asian and European trading when Gold reached $1,664 per ounce, Silver was trading at $16.64 per ounce. Wow, a Silver-to-Gold ratio of 100-to-1. The highest ratio for almost 30 years. At one point last night, Silver reached a low of $16.50 before seeing major bargain buying. At 11am PT today, Silver is down $0.30 per ounce, trading at $16.99 on excellent volume.