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Why gold's plunge proves it's a safe-haven asset
By Myra P. Saefong
MarketWatch.com, New York
Thursday, March 12, 2020
Gold is often seen as a safer bet for investors and today's plunge in prices, as global stock markets drop, shows that investors have taken refuge in what the precious metal has to offer: cash.
"If gold's being sold to raise cash in an emergency, which is what appears to be happening now, then it is doing its job as a safe haven," said Brien Lundin, editor of Gold Newsletter.
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The most-active April gold futures contract fell $52, or 3.2%, to settle at $1,590.30 an ounce on Comex, after trading as low as $1,560.40. It suffered its largest one-day percentage loss since the 4.6% decline seen on Feb. 28, which marked the biggest single-session drop since June 2013. ...
Today gold "officially outperformed the S&P 500 over a five-year horizon," said Ryan Giannotto, director of research at GraniteShares, which offers the GraniteShares Gold Trust.
"The market is simply in turmoil right now," he told MarketWatch during today's trading session. "Even with today’s losses, it should not be overlooked that gold is up $40 an ounce year-to-date versus the 22% year-to-date loss in equities." ...
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