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Here is why Gold prices spikes

Three Swiss gold refineries suspend production due to virus threat

Three of the world’s largest gold refineries said on Monday they had suspended production in Switzerland for at least a week after local authorities ordered the closure of non-essential industry to curtail the spread of the coronavirus.

The refineries – Valcambi, Argor-Heraeus and PAMP – are in the Swiss canton of Ticino bordering Italy, where the virus has killed more than 5,000 people in Europe’s worst outbreak.

Switzerland is a global hub for precious metals refining. The three refineries between them process around 1,500 tonnes of gold a year in Ticino – a third of total global annual supply – as well as other precious metals such as silver.

Valcambi and PAMP said they would suspend operations until March 29. Argor said it would do so until April 5.

The Ticino local government order, issued on Friday, is in force until March 29

Our TR room notes:

now the market is pricing the phscial gold issue
1600-1620 market price of the gold … physical I mean
if we see an equlibrium there … price may go back to 1500
really difficult siutation
easing policies support gold contracts but if a recession comes … 99% it will… this will add a bearish pressure on the gold prices
so we need to trade only the technicals near term
my experience is telling me to trade carefully and I still predict another bearish leg before the big bull run

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