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Wednesday 05/08/2020 - Covid-19 and the affects it's had on Gold

Updated: Oct 29, 2020

If you had said to me in January of this year we would have a global pandemic that affects the economy in such a way that we would see Gold prices go above $2000 an ounce, I would say "You my friend are out of your mind".

But here we are in a such a time as this! So, what can we expect for Gold and the metals that follow through this time?

Gold seems to be the go to commodity as we enter this time and it would be crazy to think that we are likely to see a large reversal anytime soon from this precious metal. If we are by some stroke of luck able to see some sort of recovery by the middle of 2021 we are still likely to see Gold and the precious metals rally right into 2022, so you can imagine how this may look for Gold if we have a U shape recovery.

There has been a great deal of speculations as to manipulation of Gold, which seems observed, yet we have just seen Crypto manipulation on a massive scale in the Crypto currency Dogecoin with individuals punting a push to buy on the social media platform such as TikTok.

As across the US and Great Britain are still seeing in influx of very high numbers of people contracting the Covid-19 with the UK taking a firm stand to put the "breaks on" as we have seen just this morning the city of Aberdeen in Scotland and it's 228,000 residents went into a complete lock-down. One can only imagine what type of disappointment that means for the wonderful city in Scotland, however justified. This undoubtedly will have a massive impact on the GDP for Scotland as restrictions started to ease across the UK.

Currently I would say we are in uncharted territory and Gold currently seems like the best move forward for quick turn around for traders, but then you maybe you should have a look for yourself at the Gold chart!

Happy trading, Trader!

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