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The Sprott Money Team

Sprott Money Ltd.
111 Queen St. East
Suite 501
Toronto, Ontario M5C 1S2

[t] 1.888.861.0775
[f] 416.861.9855

Administrative office only - no walk-in sales.


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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, our staff are working remotely 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 to more than 1-week high on U.S. stimulus hopes

PRECIOUS-Gold jumps to more than 1-week high on U.S. stimulus hopes
By Thomson Reuters 3 months ago 347 Views No comments

(Updates prices) * SPDR gold holdings at close to seven-year highs * Weekly U.S. jobless claims total 4.427 million * Interactive graphic tracking the global spread: open https://tmsnrt.rs/3aIRuz7 in an external browser By Eileen Soreng April 23 (Reuters) - Gold prices jumped as much as 1.5% to more than a one-week high on Thursday, emboldened by hopes of more stimulus from the United States as a coronavirus-led lockdown takes a toll on the world's largest economy and its labor market.

Spot gold was up 0.8% at $1,726.94 per ounce at 1:36 p.m. EDT (1736 GMT). Earlier in the session, it touched $1,738.58, the highest level since April 14. U.S. gold futures settled up 0.4%, at 1,745.40. "Supporting gold is the continuation of global central bank stimulus, particular today ... Here in the U.S. we're voting on an additional $500 billion stimulus bill," said David Meger, director of metals trading at High Ridge Futures.

Members of the U.S. House of Representatives will gather in Washington on Thursday to pass a $484 billion coronavirus relief bill, bringing the unprecedented total of funds approved for the crisis to nearly $3 trillion. The bill would be the fourth passed to address the crisis and provides funds to small businesses and hospitals struggling with the economic toll of the pandemic that has killed more than 47,000 Americans.

The U.S. Labor Department said 4.427 million more people applied for unemployment benefits last week, taking the total in the past five weeks to a record 26 million, as restrictions to curb the coronavirus outbreak slam the economy. "The unemployment rate seems poised to hit the 20% level and this alone should be reason enough for the Federal Reserve and Trump administration to keep throwing stimulus into the economy," Edward Moya, a senior market analyst at broker OANDA, said in a note.

"Gold's climb towards $1,800 per ounce continues. The stimulus trade is not going away anytime soon and that should mean record highs for gold (in dollar terms) by the summer." Gold tends to benefit from widespread stimulus measures from central banks and governments because it is widely viewed as a hedge against inflation and currency debasement. Holdings of the world's largest gold-backed exchange-traded fund, SPDR Gold Trust , rose 0.9% to 1,042.46 tonnes on Wednesday - their highest in nearly seven years.

Meanwhile, divided European Union leaders began their search for a joint financial fund of up to 2 trillion euros to help the bloc recover from the pandemic and avoid a collapse in the economies of its poorer southern members. Elsewhere, palladium gained 2.6% to $1,989.37 per ounce and platinum rose 0.1% to $758.12. Silver was 0.2% higher at $15.18. (Reporting by Eileen Soreng and Sumita Layek in Bengaluru Editing by Paul Simao)

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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