Gold futures surge to $2014.90 only to retreat below $2000, a clear indication of uncertainty
Gold futures prices continue to dominate the attention of market participants with continued strong solid gains. There is a consensus amongst analysts that the precious yellow metal will continue to track higher, but there is also a consensus that there is an extreme amount of uncertainty as to the short-term direction or price changes over the next couple of weeks.
On Sunday Credit Suisse had new ownership by rival UBS AG in an all-stock purchase priced at 3 billion francs took ownership of Credit Suisse. Guarantees were made by the Swiss National Bank to either bank allowing them to borrow up to 100 billion francs, which is backed by a federal default guarantee. This agreement was the result of work between the Swiss National Bank and the U.S. Federal Reserve.
Simon Ree, the founder of Tao of Trading options academy school, commented,"The SVB failure highlights the potential for other skeletons to be hidden in closets and the market will spend the next few weeks/months hunting them out. Even just the extreme volatility we've seen on bond markets the last five days renders any attempt to ascribe a value to other asset classes redundant."
As of 5:20 PM EST gold futures basis the most active April contract is currently fixed at $1982.80 after factoring in today's gain of $9.30 or 0.47%. Gains in gold futures closely matched the decline in the dollar which lost 0.44%, the dollar index is currently fixed at 102.905.
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