In a remarkable financial shift, gold prices soared to unprecedented levels, with a record high of $2,400 per ounce reported, marking a 23% increase over the last six months. This surge has outpaced the S&P 500 significantly, with gold prices climbing more than twice as fast as the stock index, part of a 17% rally so far this year. The volatility index (VIX) also saw a notable rise, increasing by 25% in a single day and 50% from its low. Concurrently, the S&P 500 experienced a significant downturn, closing the week at its lowest level since March 15th after a 93-point drop on Friday. This decline in stocks and the S&P's performance contrasts sharply with the robust sales of gold bars, as Costco reported monthly sales reaching as high as $200 million. The trend extends to digital gold, with Pax Gold reaching a price of $3,098, surpassing the $2,700 year-end target set by analysts. Analysts and investors attribute the rush towards gold, traditionally seen as a safe haven, to escalating geopolitical tensions and economic uncertainties, with gold's spot price having risen by 15% since the start of March.
#Gold-backed #PAXG surged to $2.9K on Saturday, topping #GoldmanSachs' upward revised year-end #XAU target of $2,700 as escalating gepolitical tensions spurred demand for haven assets. reports @godbole17 https://t.co/0iYZKFlLnO
That gold is surging makes a certain degree of sense: the metal is seen to be a hedge against calamity and economic hardship. But why is it surging precisely now? The answer might be found, in part, at Costco https://t.co/sbZEp5TRSw 👇
Investors drove gold prices to a record high on Friday, the latest surge in a 17% rally so far this year. Over that period, bullion prices have climbed more than twice as fast as the S&P 500. Here's what is behind the price gains: https://t.co/oUGDEDywXI
Pax Gold hits $3098 @PeterSchiff 👀 https://t.co/eQ7moojVOZ
People are once again spending big on gold. Its spot price hit a record earlier this week, having risen by 15% since the start of March. Longtime analysts of the precious metal are puzzled by its ascent https://t.co/MjW0KSjgCo 👇
❗️Gold hits historic high price of $2,396 per ounce https://t.co/PsLHLCECSk
Investors drove gold prices to a record high on Friday, the latest surge in a 17% rally so far this year. Over that period, bullion prices have climbed more than twice as fast as the S&P 500. https://t.co/68Xtvk90UO
Bitcoin & Stocks Plunge As Gold Rallies In Flight To Safety The S&P 500 cratered into this week's close, falling 93 points on Friday to wrap the week at its lowest level since March 15th. SPX has been on a tear for months. It went on its longest continuous run with an RSI above… https://t.co/dOLj5VWK7v
Stocks down always go up ; ( S&P down -1.69% this week... Let's recap: - Gold hits new record high of +$2,400/oz. Now up +23% over last 6 months (+40% higher than S&P) - Costco selling as much as $200 million in gold bars monthly - VIX up +25% today. Up +50% from low 3… https://t.co/th3ymUMnVD