Panic in the streets; gold, bonds exploding higher

March 6, 2020

London (Mar 6)  Will you look at what is going on the all markets. We are seeing a panic attack. As I write this at 4 a.m. EST, gold and 30-year Treasury bonds are exploding higher. Gold is up another $18 based on the June futures and bonds are up over five full points, which is one of their biggest moves in history. Silver and platinum are slightly higher just because of the strength of gold, but both look weak.

Gold looks like it is ready to test the recent blow-off highs from Feb. 24. The $1,700 level in the June futures now look like a forgone conclusion in gold. Gold has rallied over $130 from the lows of last week and is moving in a parabolic formation. Gold should have a pullback in the next day or two; however, the rally is on.

Silver is weak and looks to be capped at $17.50 in the May futures, while platinum looks the worst with heavy resistance at $880 in the April futures. Treasuries are exploding as the fear trade builds. This is all-out panic, and we can thank the Fed for that. The Fed choke job on Tuesday with the emergency rate cut has sent fear assets flying. Pass the Xanax and enjoy the move.

KitcoNews

Silver Phoenix Twitter                 Silver Phoenix on Facebook