Gold prices tumbled on Monday after the Pfizer-BioNTech coronavirus vaccine news sparked a broader market rally . Investors fled safe haven assets like gold, which had surged on worries about the pandemic.
But the price of the gold is still hovering just under $1,900 an ounce — not far from all-time highs above $2,000 earlier this year.
While gold has been volatile, it has benefited from many of the same trends that have lifted bitcoin as well as silver, platinum and other precious metals the past few months. And many analysts are confident gold will just keep on climbing.
The Federal Reserve is likely to keep rates low , even in a Joe Biden administration That will hurt the dollar and make alternative currencies more attractive. More stimulus would bolster the economy, and that could push gold even higher as many investors use it as an inflation hedge.“All of the reasons for […]
November 12, 2020 (updated November 12, 2020) Published by StockMan