Gold hits record and positive momentum for silver
Even though the popular safe-haven gold is performing well, silver is estimated to potentially surpass gold. That even while the prices for the two precious metals rose during a declining global economy and a softer greenback.
For 2020, gold prices scored record tops that we have not seen in more than 9 years. Investors seem to have been using gold as a “safe haven” during the pandemic.
Gold prices scored a new record close of $2,021 per ounce in late trading, ending above $2,000 for the first time. Gold was last exchanged at $2,020.30. According to CNBC a note from Mizuho Bank stated that geopolitical uncertainty overnight probably contributed to the rally. The blasts in Beirut, which killed many and wounded thousands, “probably (added) to the shine of Gold above $2020.”
Gold prices went up more than 32% so far this year and are looking towards its greatest year since 1979. In the meantime, silver prices have similarly mirrored gold’s action, by increasing more than 30% year to date.
Commodities and foreign exchange strategist at Deutsche Bank, Michael Hsueh, informed CNBC that he anticipates silver to beat gold.
Dow gained more than 150 points
Yesterday U.S Stocks surged adding from the previous session’s strong profits, while legislators attempted to take actions on a new coronavirus stimulus package. The Dow Jones Industrial Average advanced 164.07 points, to end the day at 26,828.47 while the S&P 500 made a modest 0.36% to closed at 3,306.51. The Nasdaq Composite took a late return to attach a comparable 0.35%, cutting its fifth straight day of profits and a record close.
Greenback under pressure
The popular greenback was under stress today from a strong euro and breaking U.S. yields, while the latest coronavirus support package was rejected in Congress. Now investors seem to be preparing for a rough journey to economic improvement. The euro settled at $1.1808, following twice touching support nearby $1.17, while focus shifts to U.S. private jobs data coming out later in the day.
Disney says that it has 100M subscribers
Disney announced mixed earnings for its third quarter of 2020 following the bell yesterday while the results from the coronavirus pandemic on areas like its parks business are critical.
Disney took a $3.5 billion blow to its revenue from parks remaining closed through the quarter. However, the company stated that it now has 100 million paid subscribers over its streaming offerings and that more than half of the subscribers registered to Disney+.
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