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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

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PRECIOUS-Gold climbs to 7-yr high as virus woes boost safety demand

PRECIOUS-Gold climbs to 7-yr high as virus woes boost safety demand
By Thomson Reuters 1 month ago 279 Views No comments

(Recasts, updates prices)

* Coronavirus fears grip South Korea, China reports drop

* Palladium eases from record high

* SPDR Gold holdings rise to over 3-yr peak

* Resistance in gold at around $1,613-15/oz-analyst

* Coronavirus interactive graphic: https://tmsnrt.rs/2GVwIyw

By Sumita Layek

Feb 20 (Reuters) - Gold prices rose to their highest level in seven-years on Thursday as investors sought safe haven assets after a rise in the number of new coronavirus cases in South Korea added to worries over the global economic impact of the outbreak.

Spot gold was up 0.4% at $1,617.52 per ounce by 1227 GMT, its highest since Feb. 2013.

U.S. gold futures rose 0.6% to $1,620.50.

"As long as the coronavirus problem is in the headlines, gold prices will be very well supported at current levels, if the situation deteriorates prices can even go higher," said SP Angel analyst Sergey Raevskiy.

We were seeing some profit taking after the last run up in the prices, but overall the environment is very favorable for gold prices, he added.

Even as the number of new coronavirus cases in China slowed, a spike in new infections and a first death in South Korea intensified fears that the disease could spread more widely.

European shares eased from record highs after a raft of disappointing earnings and concerns over the impact of the virus weighed on sentiment.

China cut the benchmark lending rate and banks in Shanghai have issued 1.31 billion yuan ($186.8 million) in cheap loans to 48 key firms to support an economy jolted by the crisis.

The world's second largest economy is likely to roll out more support measures, analysts said.

U.S. Fed policymakers also acknowledged new risks caused by the epidemic, but were cautiously optimistic about their ability to hold interest rates steady this year, minutes of the central bank's last policy meeting showed on Wednesday.

"Gold is being driven chiefly by robust investment demand: gold ETFs registered inflows for the 21st day of trading in a row yesterday, and speculative financial investors are likely to have further expanded their net long positions as well," Commerzbank analysts said in a note.

Holdings of the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, rose 0.2% to 931.60 tonnes on Wednesday, their highest since November 2016.

On the technical front, "$1,600 an ounce is a good support (for gold), while resistance lay at $1,613-$1,615," said Afshin Nabavi, senior vice president at precious metals trader MKS SA.

Elsewhere, palladium fell 0.8% to $2,691.85 an ounce, having touched a record high of $2,841.54 in the previous session on supply deficit concerns.

Silver was steady at $18.40, while platinum slipped 0.7% to $998.50. (Reporting by Sumita Layek and Brijesh Patel in Bengaluru. Editing by Jane Merriman, Kirsten Donovan)

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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