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Park Avenue Numismatics
2742 Biscayne Blvd.
Miami, FL 33137
 
Toll Free: 888-419-7136

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Park Avenue has over 30 years experience buying and selling Rare Coin and Precious Metals. We have the knowledge and ability to provide our customers with the best products and services.

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Gold surges 2% after Fed unveils new stimulus plans

Monday, March 23, 2020

NEWS SUMMARY: Precious metal prices rose sharply Monday after the Fed announced its unlimited stimulus plan. U.S. stocks tumbled to fresh lows despite the Federal Reserve unveiling additional support for the financial system.

Reuters/Yahoo News--Gold prices soared more than 2% on Monday...after the U.S. Federal Reserve mounted aggressive new steps to combat the economic impact from coronavirus outbreak, boosting investors sentiment. The U.S. central bank said it would begin backstopping an unprecedented range of credit for households, small businesses and major employers in an effort to offset the 'severe disruptions' caused by the coronarvirus outbreak. 'The Fed unveiled its biggest cannon seen to date - even bigger than in the great financial crisis,' said Tai Wong, head of base and precious metals derivatives trading at BMO....Major central banks around the world rolled out a wave of fiscal and monetary measures to stem the economic damage from the virus, which has infected more than 300,000 worldwide....'When you're seeing so much wiped off the stock market on a regular basis, the shortfall has to be made up somehow and gold remains the favored option,' OANDA analyst Craig Erlam said in a note....Among other precious metals, silver jumped 1.8% to $12.81 an ounce, on track for its third straight session of gains."

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