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Gold is said to have been sold to cover margin calls in other assets
Gold Joins the Virus Selloff With Its Biggest Slide Since 2013
By Justina Vasquez and Ranjeetha Pakiam
Friday, February 28, 2020
It is an odd moment for gold to be tumbling. One of the oldest and most trusted safe havens in times of crises, gold typically rallies amid nasty stock selloffs like the one that has gripped the world this week.
So its plunge Friday -- it fell as much as 5%, the most in almost seven years -- caught many traders flat-footed and scrambling for explanations as to what had just happened. The most often heard of them: Gold investors don’t want to sell but are forced to cover the losses in other asset classes.
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"It’s bloodshed," Commerzbank AG analyst Carsten Fritsch said by phone. "It started with forced selling from equity investors who also sold their gold positions to cover their losses in equities and also to cover margin calls. Gold investors don't want to sell but are forced to cover the losses in other asset classes." ...
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