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Safe Havens Take a Pummeling as Investors Offload Gold and Silver

August 12, 2020

gold and silver

Safe-haven assets took a beating on Tuesday, as investors piled into stocks, driving the S&P toward fresh all-time highs, and sinking Treasuries and precious metals. Silver, which has rallied spectacularly recently, is down more than 13% Tuesday, dragging silver ETFs down a with it.

Precious metals prices were precipitously lower in midday U.S. trading Tuesday. Gold fell back below $2,000, approaching $1900, off more than 5%, while silver lost $4 from its recent high, to trade near $25.50, a sizable 13% loss.

Traders and investors scrambled into stocks on Tuesday, buoyed by news overnight that Russia has approved a coronavirus vaccine. Despite skepticism from reporters and health experts, Russian President Vladimir Putin told reporters he has administered the vaccine to his own daughter. Now analysts are wondering whether a top might be in place for precious metals and other safe-haven assets.

Gold made another attempt yesterday afternoon to reach the record high it posted at the end of last week, though it failed and only made it to $2,050. The price has been on a downward trajectory ever since, given the extreme speed and excessive nature of the recent rally in metals, some pullback is expected.

“The scale of the upswing over the past four weeks has been excessive. This was made clear by the extremely high RSI and the pronounced deviation from the 100-day moving average. Sentiment towards gold became positive in the extreme, with only a minority of participants sounding a note of caution,” said a source at Commerzbank.

Commerzbank had not ruled out seeing gold retreat to as low as $1,924 an ounce, which is just $5 away from where the lustrous metal is currently trading as of 215PM EST.

Still, many analysts, myself included, are highly optimistic that this is not the end of the line for gold and silver prices, a rally is expected to resume after prices consolidate lower.

It’s clear to see the long-term outlook for gold and silver remains positive, however. Prices are likely to begin rising again as soon as the current correction has finished.