Market Overview Analysis by Christopher Hopf covering: XAU/USD, XAG/USD, S&P 500, Apple Inc. Read Christopher Hopf's latest article on Investing.com
Is the major recession many analysts have predicted now upon us? Early last week, it seemed likely: Unexpectedly, unemployment in the United States surged, triggering a historically reliable recession indicator. Within hours, top stocks like Nvidia (NASDAQ:Fear of an economic downturn in the United States compounded with panic over the apparently out-of-control Yen-Carry Trade, which threatened to trigger stock sell-offs worth trillions.
Gold also shone during the 2008 global financial crisis as a safe haven for investors. While the stock market lost more than 37 percent of its value during this crisis, the price of gold rose by nearly 50 percent. This performance underscores gold’s resilience during crises and solidifies its image as a reliable investment in times of extreme financial uncertainty.
Gold not only shines as a long-term investment but also as a relatively short-term protection against economic turbulence. It is no surprise that the price of silver also came under considerable pressure simultaneously – after all, silver as a key industrial raw material is particularly in demand when the manufacturing sector is thriving. The industrial use of silver is diverse, including the production of electronics and solar cells. It is no coincidence that China and the USA compete in global markets for available silver stocks.
Fink said, “I believe that more people are drawn to quality assets, including government bonds, gold, or crypto. I believe that crypto will play this role as a flight to quality.” Indeed, Fink referred to Bitcoin as “digital gold” and emphasized that it could serve as an “alternative” to government-controlled currencies.A key argument for Bitcoin’s role as digital gold is its limited number of 21 million units and its deflationary structure, which can support its value in the long run.
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