Gold price The REAL REASON GOLD Is Soaring!! | GOLD AND SILVER BULLION NEWS TODAY (7.24.2020)
This is insane. We crossed the rubicon. We all must acknowledge the greatness of gold, but seriously folks uh. We had pundits calling for a 1900 gold by september. Uh, eb tucker was one of them. He said by september. We should have 1900 gold i’d, be surprised if we didn’t have that, and lo and behold we hit that before uh september. Some said 1900 by december and honestly i was one of the guys who felt somewhat skittish on it. I was like well, i don’t know 1900 by the end of the year. That seems like a lot of gains um within one year being so early again within this um gold and silver bull market we’re about halfway through um. Now i i was a little bit. You know apprehensive on making those kinds of calls, but hey they called it and they were right um. Now this whole week has been a record setting one for both silver and gold. If you think about it, silver um, you know had a lot of the attention earlier this week and now on friday, gold to hit over 1900. This one has to go down in the record books this week for sure um, but let’s get into what’s going on here. What caused all this um! You know all this upward momentum and gold today, but first, if you’re new to this channel, please hit that big red subscribe button right down below.
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So, as you can see here, gold is currently at 1901 and 85 cents. It was higher. It was at, as you can see here, closer to uh 1906. It looks like on the chart. Silver uh uh is at 22.78 cents and, as you can see here, it was uh closer to about 22 dollars and 88 cents um earlier on now, i believe with silver. It needs to hit either close to or 24 in order for it to break through that seemingly psychological barrier of 1 to 79 in the gold to silver ratio, but what’s, interesting about this huge move today is that we’re finally seeing some dislocation between precious metals and Us equities, this push to the upside, is definitely safe haven, driven as we see the major u.s stock indices open the day in the red. So, by the time you guys see, this video you’ll have already likely heard this news and probably hasn’t coming uh it’s too much of a surprise to you but uh. This is from nbc news. China orders u.s to close consulate in chengdu amid rising diplomatic tensions. Um now china did promise retaliation after the u.s closed down the china consulate in houston over. You know our fears that you know of privacy concerns and, among other concerns, as well so kind of in a tit for tat.
China does the same thing, but immediately after this, china cuts their nose to spite their face once again, true to how they true to how they move um.
Their investors hit to hit take profits after major stock exchanges dip in their country after they make that move, and this is after people started piling into chinese stocks, sending it into frothy territory. So you know, of course, investors were eyeing an opportunity to get out before the house of cards came tumbling down, but of course there may be another reason why they did this. They probably didn’t know that investors would do this, so they could be playing a little bit of 4d chess here um as this move, even though it hurt chinese stocks, it really added um some pain to u.s stocks in u.s equities. So let’s read about what’s happening to um to uh u.s equities here with this yahoo finance article meanwhile declines in the 30 stock, dow came as shares of intel and american express dropped. Friday morning after the companies reported disappointing developments in the second quarter, results intel warned in earnings results thursday evening that it faced another production delay for its advanced ships with its new seven nano chips now expected for delivery in late 2022 or early 2023, or about a Year behind schedule, american express reported a 29 drop in revenue with a drought of customer spending on credit cards during the roni’s contributing to a top line.
Miss friday’s session came following a tech led sell off on wall street during the regular session. The three major indices ended the day lower with the s p, 500 and nasdaq both posting their largest declines in four weeks apple, a stock weighted relatively heavily in each of these major indices dropped by the most since june 11th.
Amid a broad decline in big tech shares and an axios report that the company was facing a multi state, consumer protection probe, so two things here, we essentially have um an economic data point that we can parse from american express’s. Quarterly revenue miss in that consumer spending is down in this one piece of anecdotal data, but not only is revenue slightly down, but it missed its mark by nearly 30 percent. Nearly 30 percent that’s, huge and also tech stocks and the nasdaq have been a bastion of hope for many investors during this time. But today is one of the few days where we saw some pain all across the board in the major u.s stock indices. So you know, of course, people are looking for some comfort. People are looking for some safety. Perhaps maybe they’ll find it in the. What do you guys think, maybe in the in the us dollar, do you think they’ll find some safety there? Well, according to um barons, not so fast people are flocking to the euro. Now you may be asking well. Why is that? Well earlier, in the week we talked about how the eu’s historic stimulus bill passed, which helped to strengthen the euro over the dollar, and for the week the euro was around about one of the euro to dollar ratio.
Uh was around 1.15 to 1 uh with the with the dollar now uh. That ratio is like 1.16 to 1.. This is the highest.
The euros been against the dollar since 2018., so we have pretty much this guys: weak earnings, struggling u.s stock indices, um a uh coming off an uptick of unemployment in the u.s uh that we had from last week, claims um or u.s china, uh issues and a Weakening dollar – these are five huge points right here that are all collapsing at once, and when you hear these things, you know it sounds like a pretty great recipe for gold and silver to push higher. Now guys, i would be remiss if i didn’t mention this point. Two uh: we are going to get the next stimulus package to be released uh next week now, the last time that this happened. Guess what happened? Um equities rose, gold rose and the dollar fell, because before them remember, people were piling into the dollar and then they just got rid of dollars because they felt more risk on appetite and again, it seems like during this time people are looking at gold as a Risk off and a risk on um play, so i wouldn’t be surprised if gold even gets a bid in increased bid. Now we do have some overheated behavior right now with gold and silver, as far as, if you take a look at some of the charts, but with all of this news coming out – and you know maybe with this next stimulus package news – we could have a you Know a few days where things are looking really really hot in gold and silver before we get any kind of correction.
But who knows what will happen, but i just want to plant all of this information in your mind before the weekend hit so everyone. That is your friday, us metal heads not to be confused with people who are fans of metallica, even though, if you do like metallica that’s cool that’s, good too right, that lightning was a good album um. I hope you all have an even better weekend than we had in this week. Um we have two more videos coming out today, so definitely hit the subscribe button uh.