Gold up 4% after hitting new all-time high of $5,596
Prices of the most valuable precious metals continued their rally on Thursday, breaking records and nearing the $6,000 mark. The yellow metal’s rise follows the decline in the US dollar, which has lost 13.1% against the euro over the last 12 months, reaching levels not seen in almost four and a half years. Gold jumped 4.01% to $5,592.10 per ounce at 1:22 am ET, after reaching a new all-time high of $5,596,28 earlier in the session.
Silver rises by over 3% to new all-time high of $120
The price of silver surged to an all-time high on Thursday, surpassing $120 per ounce. Investors once again turned to precious metals as a haven after the United States Federal Reserve decided to hold its interest rates steady. Moreover, Chair Jerome Powell indicated that the institution is unlikely to cut rates at its next meeting.
Silver jumped by 3.07% to $120.00 per ounce at 1:39 am ET, just moments after hitting the record-high of $120.46. Meanwhile, gold also reached a new all-time high of $5,596,28 per ounce; it traded 3.87% higher at $5,584.29 per ounce at 1:42 am ET. Platinum soared by 1.60% at 1:43 am ET to $2,718.01 per ounce. At the same time, palladium rose by 1.29% to $2,045.24 per ounce.
NN: Bunker hunt and his merry bunch of oil barron caused the gold and silver moon shot and bust. This time its the Crypto Barrons led by paolo-ardoino who are TRYING TO CORNER GOLD AND SILVER.
Crypto giant Tether Holdings has been shaking up the rising gold market with massive metal hoarding over the past year. The stablecoin issuer now holds around 140 tons of gold, according to CEO Paolo Ardoino. In an interview with Bloomberg, Ardoino spoke that Tether aims to continue to cultivate its massive profits from holding, competing with banks in bullion trading. “We are soon becoming basically one of the biggest, let’s say, gold central banks in the world,” he noted. nI fact they are the largest private holder of both gold and silver physicals and futures. With 140 tons of gold reserves leveraged and purchased with lots of borrowed money, the Tether bullion hoarding is worth $23 billion at current market prices, the largest known treasury outside of those held by central banks, ETFs and private banks.All under the non regulated controll of one man. Its called market manipulation
Ardoino noted that the company has been accumulating more than a ton of gold every week. “And it’s only growing,” he said, adding that Tether intends to continue it for “definitely the next few months.”
