Gold inches up as rising coronavirus cases boost safe-haven demand
“Gold prices edged higher on Monday as worries over a surge in coronavirus infections in the United States dented optimism about signs of a nascent economic recovery, prompting investors to seek the safe-haven metal.
Spot gold was up 0.1% to $1,775.97 per ounce by 0031 GMT. U.S. gold futures eased 0.2% to $1,787.30.
In the first four days of July alone, 15 U.S. states reported record increases in new cases of COVID-19, which has infected nearly 3 million Americans and killed about 130,000, according to a Reuters tally.
More than 11.35 million people have been reported to be infected by the novel coronavirus worldwide so far.
Gold has also been benefiting from lower interest rates around the world and widespread stimulus measure from major central banks as it is widely viewed as a hedge against inflation and currency debasement.”
Gold price to hit $1,950 in Q2 2021 – Natixis
“Expectations that the Federal Reserve will introduce yield curve control measure in September will continue to support prices through the first half of 2021. Still, gold’s gains will be limited as inflation pressures remain muted, according to one international bank.
In a report published Wednesday, Bernard Dahdah, head of precious metals research at Natixis, increased his price forecast for gold, saying that the yellow metal could hit $1,950 an ounce by the second quarter of next year.
The comments come as the gold market holds near their highest level since 2011 as the price pushed above $1,800 an ounce.
He said that yield curve control, coupled with inflation, would push real interest rates into negative territory, making gold an attractive safe-haven asset.”
Trump DOL And SEC Keep Tossing 401k Investors To The Wolves Of Wall Street
“Trump’s Department of Labor, Securities and Exchange Commission are scheming to make 401ks “greater” than ever, i.e., greater fees, greater risks and greater conflicts. That’s great for the wolves of Wall Street, not-so-great for America’s workers and no way to Make America Great Again.
Trump U. S. Department of Labor recently opened the door for private equity wolves to sell the highest cost, highest risk, most secretive investments ever devised by Wall Street to 401ks. As private equity is embraced, 401k costs will skyrocket, risk will dramatically increase and transparency will plummet.
That’s great, says Trump’s DOL, because paying greater fees to Wall Street and taking greater risks will permit 401k savers to “overcome the effects the coronavirus has had on our economy.”
That is, private equity gambling gains will make up for COVID losses.”
VT Digger/Katie Jickling
Blue Cross Blue Shield of Vermont pension fund takes $40.6 million hit
“Blue Cross Blue Shield of Vermont has lost $40.6 million, or 58%, of its pension fund for employees in the financial downturn.
The losses could have an impact on the company’s “solvency and reserves,” according to a letter that CEO Don George sent Monday to state regulators. The letter, which was obtained by VTDigger, noted that Blue Cross was “assessing potential remedies for this loss, including potential legal action” to recoup the money.
George did not say why the company lost the money, but Blue Cross spokesperson Sara Teachout confirmed that the pension funds were managed by Allianz Global Investors, which reported a 75% decrease in the value of a particular strategic portfolio in late March, according to an article by Pensions & Investments. Sixteen of Blue Cross Blue Shield’s companies nationally had money managed by the company, said Department of Financial Regulation Commissioner Mike Pieciak.
He declined to comment on whether his department had made any findings so far.”