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Why 'safe haven' gold and the stock market are now moving the same direction
By William Watts
MarketWatch.com, New York
Thursday, July 9, 2020
Gold is traditionally thought of as a haven asset -- a safe port in a storm. But that hasn’t stopped it from rising to a near nine-year high, and within striking distance of its record, even as equities and other assets traditionally viewed as risky remain buoyant as they rebound from the pandemic-inspired selloff suffered earlier this year.
Chalk it up, in part, to opportunity costs. Efforts by global central banks to push down interest rates, which have fallen into negative territory in real, or inflation-adjusted terms, in the U.S. and are outright negative in many parts of the world, mean that investors who hold gold aren’t missing out on the yield they would earn from holding bonds in more usual circumstances.
... Dispatch continues below ...
Enduro Metals Reports Drill Intercept Cut
144 metres of 3.18 g/t Gold; Identifies
Additional Gold Targets at Newmont Lake
in British Columbia's Golden Triangle
Company Announcement
Monday, July 6, 2020
KELOWNA, British Columbia Canada -- Enduro Metals Corp. (TSXV: ENDR; OTC: SIOCF; FSE: SOG-FF), formerly Crystal Lake Mining, is pleased to report drill results as part of the ongoing exploration program on the company's 551-square-kilometer Newmont Lake Project in the heart of British Columbia's Golden Triangle.
These results are from previously unsampled drill core by a previous operator whose focus was on narrow high-grade intersects, with the result that only a portion of the core was previously sampled. Infrastructure in the region has greatly improved, including power and road access now within 16 kilometers, leading to a dramatic change in the approach to exploration and potential development at Newmont Lake.
An ongoing comprehensive technical review of the project recently identified three gold mineralization styles associated with the 20-kilometer-long McLymont Fault, one of multiple target areas within the Newmont Lake Project. The study determined that previous operators did not identify all gold mineralization styles, and as a result only 19 percent of the total drill core has been assayed to date. ...
... For the remainder of the announcement:
https://endurometals.com/enduro-metals-reports-drill-intercept-cut-144-m...
"As real yields turn negative, opportunity costs for holding non-yielding assets essentially vanish, particularly when viewed through the historical lens of fiat currencies and their purchasing power," wrote Jeff deGraaf, chairman of Renaissance Macro Research, in a note today.
"This provides a continued tailwind for gold," he said referring to the chart below, which shows the gold price inverted versus the real Treasury yield curve. ...
... For the remainder of the report:
https://www.marketwatch.com/story/why-safe-haven-gold-is-acting-like-a-r...
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