Despite a price rally in the US stock markets of more than seven percent, the gold price in early Tuesday trading also tended to move to higher price regions. It looks like the negative correlation between stocks and gold is over for now. In the long term, the renewed flooding of the money markets with liquidity, the explosion of debt and the low interest rates should speak for protection in the protection of assets, crises and inflation. The yellow precious metal is currently in demand primarily in the form of bars and coins and as physically secured ETFs. For the world’s largest gold ETF SPDR Gold Shares, for example, there was an increase in the amount of gold held from 978.99 to 984.26 tons at the start of the week.
Crude oil: rebound after nightcap
The chance that a significant reduction in oil production will be announced in the negotiations between Russia and Saudi Arabia announced for Thursday has increased. The Russian side heard yesterday that they were about to reach an agreement. Due to the massive slump in oil demand, a stabilization of the oil price is unlikely without a massive cut in oil production. The weekly report of the American Petroleum Institute, which is scheduled to be published at 10.30 p.m. and could influence the trend for tomorrow’s trading day, should now attract increased attention.