Gold prices jumped to $ 1,703, gaining more than 2%, boosted by a lower dollar

By Swann Collins, investor and consultant in international affairs – AssetsforWealth, October 3, 2022

Gold is traditionally seen as synonymous with a defensive asset in which investors can wait out the crisis.

Gold prices jumped more than 2% on Monday boosted by a dip in the U.S. dollar and bond yields, as recent lows enticed investors and also sparked a rally in silver in potentially its best day since late-2008.

Spot gold last climbed 2.41% to $1,699.6744 per ounce, which could be its biggest daily rise since March 8. U.S. gold futures rose 2.21% to $1,708.90.

Silver surged 8.89% to $20.69 per ounce, its highest since mid-August.

Will CreditSuisse be the new Lehman Brothers ?

Now rumours are swirling that the banks Credit Suisse and Deutsche Bank may be on the brink of collapse. Will the stock market crash in coming days ? Buying gold and silver now is a safe move, as financial markets can crash as soon as next week.

Many parameters preceding the stock market crash in September 2008 are here again.

World central banks, according to preliminary data, in August bought 19.6 tons of gold in gold and foreign exchange reserves, follows from the data of the World Gold Council (WGC). This is the fifth consecutive month of growth, although its pace is declining, said WGC analyst Krishan Gopaul.

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© Copyright 2022 – Swann Collins, writer, investor, and consultant in international affairs.

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