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Sprott Money Ltd.
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Click here for an Important Message for Customers

Important Message For Customers:

The Ontario Government has legislated that all non-essential businesses MUST BE closed BY 12:01 am on March 25. The health and safety of our employees, clients and our community is our top priority. To do our part in slowing the spread of COVID-19 we will temporarily close our administrative offices until further notice.

Furthermore, our carrier, UPS, has notified us that all shipments will not be insured and will not require a client’s signature upon delivery until further notice. Given the nature of our business, we are not willing to take that risk with your investments. As a result, we are temporarily suspending all shipments within Canada until UPS lifts these protocols.

Use e-mail for more expedient service.

Please be assured that your orders will be shipped to you as soon as we can. These are valuable investments you are making, and we want to make sure we send them in a safe, secured and insured manner. Should you have any questions or concerns, please reach out to us at 1-888-861-0775 or email us at sales@sprottmoney.com

Thanks for your patience and understanding in this difficult time.

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Gold gains but set for weekly drop amid flight for cash

Gold gains but set for weekly drop amid flight for cash
By Thomson Reuters 18 days ago 228 Views No comments

March 20 (Reuters) -

Gold prices rose on Friday after a fall in the previous session, but the metal was on track to post its second weekly drop due to a rush for cash amid the widening economic fallout from the coronavirus outbreak.

FUNDAMENTALS * Spot gold rose 0.4% to $1,475.43 per ounce by 0029 GMT. It was down more than 3% for the week. * The metals fell more than 1% on Thursday as the dollar jumped to multi-year highs and investors continued to sell assets to hoard cash. * U.S. gold futures fell 0.3% to $1,474.20 per ounce. * MSCI's broadest index of Asia-Pacific shares outside Japan firmed 0.6%, while Australia's beleaguered market rose 2.9%.

* The U.S. Federal Reserve opened the taps for central banks in nine new countries to access dollars in hopes of preventing the coronavirus epidemic from causing a global economic rout. * The United States warned Americans on Thursday to return home or stay abroad indefinitely, while Senate Republicans unveiled a $1 trillion economic stimulus plan to provide funds directly to businesses and the American public, as the number of virus cases in the country surged past 13,000. * The Bank of England promised 200 billion pounds of bond purchases and cut its key interest rate to 0.1% in a second emergency move in just over a week to try to mitigate the hit to Britain's economy from the outbreak.

* The global economy is already in a recession as the hit to economic activity from the virus has become more widespread, according to economists polled by Reuters amid a raft of central bank stimulus actions this week. * The number of Americans filing for unemployment benefits surged by the most since 2012 to a 2-1/2-year high last week, as companies in the services sectors laid off workers because of the epidemic. * The outbreak caused the steepest drop in German manufacturers' expectations in the 70-year history of surveys, data showed.

* SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings fell 0.16% to 922.23 tonnes on Thursday. * Palladium fell 0.5% to $1,644.04 per ounce. Platinum rose 1.6% to $595.69 but was set to post its biggest ever weekly fall. * Silver gained 0.4% to $12.16, but was on track to post its biggest weekly decline since September 2011.

DATA/EVENTS (GMT) 1400 U.S. Existing Home Sales (Feb)

(Reporting by K. Sathya Narayanan in Bengaluru; Editing by Subhranshu Sahu)


About Sprott Money

Specializing in the sale of bullion, bullion storage and precious metals registered investments, there’s a reason Sprott Money is called “The Most Trusted Name in Precious Metals”.

Since 2008, our customers have trusted us to provide guidance, education, and superior customer service as we help build their holdings in precious metals—no matter the size of the portfolio. Chairman, Eric Sprott, and President, Larisa Sprott, are proud to head up one of the most well-known and reputable precious metal firms in North America. Learn more about Sprott Money.

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