A Covid-zero policy was announced Monday. Market sentiment has fallen in China as the protesting US stock market shows Wall Street’s top four indexes are struggling. Global cryptocurrency market cap is down 3.5% and is about to drop well below $800 billion. Meanwhile, precious metal prices such as gold and silver have remained stable, with the gold ounce rising 7.06% against the US dollar since November 3.
Precious metals overtake equities and crypto as gold and silver hold firm amid turbulent global economy
Unstable as far as cryptocurrencies are concerned. But precious metals such as gold and silver remain stable in the madness of the world.
Several reports cited Monday’s market turmoil over civil unrest over China’s zero Covid policy. Indices such as the Dow Jones, Nasdaq, S&P 500 and NYSE all opened in the red.
Additionally, the crypto economy is poised to dip below his $800 billion zone as Bitcoin (BTC) is down more than 2% in the last 24 hours. doing. Ethereum (ETH) fell 3.82% on the final day, while the entire crypto economy fell 3.5% against the dollar.
An ounce of gold is trading at $1,744 an ounce, up more than 7% against the US dollar since November 3rd. dollars per unit.
Since 1 ounce of pure silver fell below $20 per unit on November 3rd, silver has also risen in US dollar value since that day. Today silver trades at a nominal 20.99. USD per unit.
Silver’s gains since that date have outpaced those of gold as silver rose 7.91% over the past 25 days. The US jobs report is due out this Friday as the world watches to unravel events in China.
Additionally, US Federal Reserve Secretary Jerome Powell is set to discuss the US economy this Wednesday. Some believe that in the report Powell will reveal plans to delay rate hikes.
Somebelieve that“Santa’s Gathering” is in the cards, as gold is doing very well against the macroeconomic backdrop. So far, over the past 25 days, both precious metals (Ag, Au) have outperformed stocks and crypto.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Editorial Photo Credits: VladKK / Shutterstock.com