Gold Digs In Near Seven-Year High as IMF Warns, ETFs Swell
Again
Bloomberg Ranjeetha Pakiam,Bloomberg 18 hours ago
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(Bloomberg) -- Gold traded near the highest close in more
than seven years, supported by predictions for the deepest global recession in
generations; expectations for prolonged, debt-fueled intervention by central
banks and governments; and another charge by investors into bullion-backed
funds.
Spot bullion held its ground after a
four-day surge, with the International Monetary Fund twinning a warning that
the pandemic-induced global recession will be the deepest since the Great
Depression with a plea for more even more stimulus. Later Wednesday, U.S.
retail sales data for March will add more detail on the damage from the
outbreak as earnings season rolls on.
“Gold is the ultimate hedge against too much debt in the
world,” said Rainer Michael Preiss, chief investment officer, equity, at The
Global CIO Office in Singapore. Bullion will go on to hit a record, he said,
citing balance-sheet expansions by central banks and large-scale fiscal
stimulus.
The precious metal has rallied 14% this year -- supported by
record holdings in exchange-traded funds -- as the pandemic pitched economies
into recession and flayed appetite for risk. Bullion’s latest resilience came
even as leaders in Europe and some U.S. states started preparations to ease
lockdowns, with the outbreak showing signs of slowing. Additional support came
from the dollar, which has dropped to near a one-month low.
If the IMF “predictions were to materialize, we could see
continued fiscal and monetary support, weakening budgets, possible debasement
of currencies and an increase in demand for gold,” said John Sharma, an
economist at National Australia Bank Ltd. “This will likely provide solid
support.” Still, any progress on the health front might limit the metal’s
upside, he said.
Spot gold was steady at $1,727.30 an ounce at 7:07 a.m. in
London after ending at $1,726.97 on Tuesday, the highest close since November
2012. On the Comex, futures eased 0.7% after peaking at a seven-year high
Tuesday.
The IMF calculates governments around
the world have already taken fiscal actions amounting to about $8 trillion,
including more than $2 trillion in the U.S. Central banks including the Federal
Reserve have piled in, too.
In other precious metals, silver dropped 0.9% while
palladium and platinum rose.
Translation
（彭博社）- 受世代以來最嚴重的全球衰退預測支持,
黃金交易價格接近七年來的最高收盤水平；在期望中央銀行和政府会進行長期債務推動干預之下；投資者又一次向由金銀支持的基金衝刺。
現貨金在連續四天飆升後保持穩定，國際貨幣基金組織（IMF）發出警告，由大流行病引發的全球衰退將是自大蕭條以來最深的時期，並呼籲採取更多刺激措施。週三晚，隨著收益季節的來臨，美國3月份的零售數據將為疫情添加更多損失細節。
新加坡全球CIO辦公室股票首席投資官Rainer
Michael Preiss說：“黃金是對付過多債務的終極對沖工具。”他說，基於中央銀行的資產負債表擴張及大規模的財政刺激措施, 指出金銀將繼續創紀錄。
由於大流行病導致經濟陷入衰退並壓制了風險的渴求，今年以來，由於交易基金的創紀錄持倉量的支持,
貴金屬已經上漲了14％。因為疫情顯示出放緩的跡象,
在歐洲和美國某些州的領導人, 開始準備放鬆封鎖措施, 但在此之際，金亦顯出最新的彈力。額外支撐來自美元,
但其匯率已經跌至近一個月低點。
National Australia Bank Ltd. 的經濟學家約翰·夏爾馬（John Sharma）表示，如果國際貨幣基金組織 “的預測出現，我們將看到持續的財政和貨幣支持，預算疲軟，貨幣貶值和黃金需求增加。他又說， “這等事会提供黃金堅實的支,”但儘管如此，在防疫健康方面的任何進展都可能限制金屬的上漲。
倫敦時間上午7:07，現貨金穩定在每盎司1,727.30美元，週二收於1,726.97美元，為2012年11月以來的最高收盤價。在週二觸及七年高位之後,
它在Comex期貨下跌0.7％，。
據國際貨幣基金組織（IMF）估計，世界各國政府已經採取了總計約8萬億美元的財政行動，其中包括在美國超過2萬億美元的中央銀行,
也包括美聯儲。
在其他貴金屬方面，銀下跌0.9％，而鈀和鉑上漲。
So, one
reason for the price of gold to go up recently is that its buyers, through
supporting the exchange-traded funds (ETF),
are betting on a coming deep global recession, and also that the international efforts to fight
the pandemic will be slow.
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