from King World News
Today one of the greats in the business discussed the volatile trading in global markets, gold, and how many people are being devastated by the economic shutdown.
Not Business as Usual
April 1 (King World News) – Bill Fleckenstein: “The market continued yesterday’s rally, as it gained modestly through midday, with the Nasdaq leading the charge about 1% higher. In the afternoon, however, the market rolled over, losing 2% on the day.
Away from stocks, green paper was stronger, fixed income was weaker, while silver lost about 0.5% versus gold’s 3%. Today is first notice for the nearby futures contracts and the spread is now back to about $15, so it’s not as radically out of line. (I have been waiting for this day to see if it caused the spread to normalize, and we could then get some sense of where gold really wanted to trade.)