Good news for physically holding gold: Bank deposit guarantees are “meaningless words.”
On Monday, the stock market plummeted, ending its longest winning streak since 1996. After a 109-point fall on Monday, the Dow Jones Industrial Average declined 70.35 points. The S&P 500 and the Nasdaq Composite also fell.
“For every share rising more than four fell on the New York Stock Exchange, where 81 million shares traded as of 9:45 a.m. Eastern,” MarketWatch reports today.
Commodities in crude oil, wheat and rubber declined on the Cypriot news. In response, investors once again ran to the dependable safe haven of gold.
“As people start to worry about the safety of their deposits, gold would become an attractive alternative and an escalation of these worries would prompt a return of fear-related physical buying,” notes Joni Teves, precious metals analyst at UBS. “With gold’s correlation with risk and the euro currently in negative territory, the yellow metal looks well positioned to rally on the back of recent eurozone developments.”
Germany’s Commerzbank believes gold “should profit from the possibility that savings are no longer regarded as safe, and should thus enjoy strong demand in the current market environment. We therefore expect to see prices continuing to rise.”
Spot gold hit a new high at $1,609.41 an ounce. Gold futures for April delivery also hit a 2-1/2 week high at $1,608.60 an ounce.
Silver prices also realized a moderate increase of 0.5 percent to $28.90 an ounce.
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