Gold climbs above $3,500 for first time as Wall Street rallies after slide
www.theguardian.com
Dollar also recovers after Monday’s sell-off prompted by Donald Trump’s attack on Federal Reserve chair

With many stock markets in the red and Dow Jones headed for worst April since 1932, gold could even reach $4,000

Gold has risen above $3,500 an ounce for the first time while many stock markets are in the red and the US dollar hit a three-year low, after Donald Trump’s blistering attack on the Federal Reserve chair, Jerome Powell, caused alarm among investors.

Spot gold reached the record price on Tuesday morning, extending a rally that has pushed bullion up from $2,623 an ounce at the start of this year. Analysts now predict the metal could even reach $4,000 only a matter of weeks after the price moved through $3,000 for the first time.

The US currency and its government debt are usually seen as a safe haven during times of market turmoil, but as America itself has caused much of the recent volatility investors have been turning to another “port in the storm”, gold, in large numbers.

  • Yawweee877h444@lemmy.world
    42·
    2 days ago

    Negative. If society collapse, I personally, and my family can’t eat gold. Period.

    I’m not giving away precious ammo or food for gold. Either you’ve got something of value, or I’m not taking your gold. Period.

    I’m talking about an extremely desperate situation, inherent to the whole “society collapse” phrase. I stand by this. Gold doesn’t mean shit. It only means something if people like you apply value to it, where there’s still some semblance of societal order and structure.

    • Auli@lemmy.caEnglish
      43·
      2 days ago

      Sure except gold has been a source of value for Milena and well continue to be.

      • phdepressed@sh.itjust.works
        2·
        2 days ago

        Gold, silver, etc was not valuable until we had a society that had currency. In societal collapse we’re back to bartering and Gold is worthless except as a fancy trinket. The value of gold is a status symbol of having so much you can give away actual value for frivolous bullshit. The average peasant farmer can’t make use of it.