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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

Thanks for your patience and understanding in this difficult time.

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PRECIOUS-Gold jumps over 2% as virus spread spurs safe-haven demand

PRECIOUS-Gold jumps over 2% as virus spread spurs safe-haven demand
By Thomson Reuters 1 month ago 457 Views No comments

(Adds graphic and updates prices)

* Gold hits highest in more than seven years

* Global equities extend losses, dollar gains

* U.S. 10-yr Treasury yield falls to lowest since July 2016

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

By K. Sathya Narayanan

Feb 24 (Reuters) - Gold prices climbed more than 2% on Monday to their highest since February 2013, as spikes in coronavirus cases in several countries outside China deepened worries about a hit to the global economic growth, prompting a flight to safe havens.

Spot gold was up 1.6% at $1,669.80 per ounce by 0713 GMT, after climbing to $1,678.58 earlier in the session. U.S. gold futures rose 1.5% to $1,672.80.

"The thinking is that fewer people are holding shares, selling down in particular, and that money has to fall into havens," said Michael McCarthy, chief market strategist at CMC Market.

"The impact on the global economy also means we will likely see a lower interest rate environment for longer."

Lower interest rates reduce the opportunity cost of holding non-yielding bullion.

Global equities extended losses as concerns about the spread of the virus beyond China grew with sharp rises in infections in Italy and Iran, while South Korea raised its infectious disease alert to its highest level.

The World Health Organization said it is worried about the growing number of cases without any clear link to China.

"Gold has finally established some serious momentum, and more negative coronavirus headlines will see a test of $1,700 an ounce on (safe-)haven flows, sooner rather than later," Jeffrey Halley, senior market analyst at OANDA, said in a note.

Among other safe havens, the U.S. dollar edged higher, while the benchmark U.S. 10-year Treasury yield fell to its lowest since July 2016.

The Japanese yen further backed away from its lowest since April 2019 against the U.S. currency.

Apart from speculative positioning, financial uncertainty and low interest rates are also bolstering demand for gold, Phillip Futures analysts said in a note.

Speculators raised their bullish positions on COMEX gold and silver contracts in the week to Feb. 18, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.

Among other precious metals, palladium was flat at $2,703.31 per ounce. Silver rose 1.4% to $18.71 an ounce, while platinum fell 0.4% to $969.41.

(Reporting by K. Sathya Narayanan and Shreyansi Singh 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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