Gold quotes with new record high

There is a breakout in the gold market. For the first time since 2011, dollar bullion quotes have been above the $1,800 level [...] https://www.pinterest.com/pin/1085437947660215829/

There is a breakout in the gold market. For the first time since 2011, dollar bullion quotes have been above the $1,800 per troy ounce level. Gold quotations with a new breakthrough The barrier of $1800/oz. has been broken. This is the first such success of bulls in this market since September 2011. At that time, the price of bullion was 1920 USD/oz. In 2012. 1800 USD/oz was already a resistance that somehow blocked the return to the bull market. "At 8:48 a.m. Wednesday, gold futures were trading at $1802.55 per troy ounce, up 0.25 percent from a day earlier. Since the beginning of the year, dollar quotations of the yellow metal have gone up by nearly 18 percent. It is worth mentioning that already in April and May gold prices reached new records in many other currencies, including the euro, the Swiss franc or the Polish zloty. Converting the current quotations of gold bullion by the current USD/PLN exchange rate, an ounce of gold is valued at around 7060 Polish zlotys. In May, it was even 7452 PLN/oz. This is the so-called spot price. The purchase of a one-ounce gold bullion coin now costs around PLN 7.6-8.1". - We read at Bankier.pl in the article by Krzysztof Kolany. Why these increases? Why these price jumps? It is obvious - gold gains during economic crises. In fact, it started to grow strongly on the graph just this year, when the coronavirus pandemic hit the global economy. However, it's also not about the recession itself, but the actions of central banks during it. The authorities seem to have decided that they would "print" the markets' current problems. Hence the unprecedented printing of currencies - mainly dollars. Investors started to react in their natural way to such a scale of money printing and fiscal deficits by buying something that cannot be printed: gold. However, a drop in gold sales was observed in China. The reason is probably a real decline in the income of the population and restrictions on bullion imports. The above strategy - buying an asset whose supply is limited - also leads many to think that Bitcoin will also gain during the economic crisis, since its supply is also, as we know, limited by an algorithm. Tags gold price bullion gold