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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 set for best month in five as virus stifles risk appetite (January 31, 2020)

PRECIOUS-Gold set for best month in five as virus stifles risk appetite (January 31, 2020)
By Thomson Reuters 2 months ago 2704 Views No comments

(Updates prices)

* World share index heads for worst week since August

* WHO opposes restrictions on travel or trade with China

* Gold gains over 4% so far this month, Palladium up 18%

By Brijesh Patel

Jan 31 (Reuters) - Gold prices rose on Friday and were heading for their best month in five as worries over economic growth due to the fast-spreading coronavirus boosted appetite for safe havens.

Supply-squeezed palladium, meanwhile, was on track for its biggest monthly percentage gain since November 2016.

Spot gold was up 0.8% at $1,585.66 per ounce by 01:55 p.m. EST (1855 GMT). The metal has gained more than 4% so far this month.

U.S. gold futures settled 0.1% lower at $1,587.90.

"Coronavirus continues to be a strong factor of support as we are seeing global growth concerns hurting other markets across the board. As a result, we're seeing safe-haven demand drive into gold," said David Meger, director of metals trading at High Ridge Futures.

"Gold is the quintessential safe-haven asset that money managers are viewing as an alternative for cash."

The World Health Organization declared the epidemic a global emergency after the virus killed more than 200 people.

"At this point, it's not something the Chinese economy can shrug off. There will be a hit to growth, the magnitude of which will be difficult to chisel out in detail for quite a while," said Ilya Spivak, a senior currency strategist at DailyFx.

The virus fears gripped financial markets, overshadowing the latest batch of upbeat corporate earnings.

"Gold is both continuing to find favor as a traditional safe haven and, at the same time, run into strong resistance on the run-up to $1,600, which is keeping a lid on gains," OANDA analyst Craig Erlam said in a note.

On the physical side, however, an extended holiday in top consumer China due to the outbreak dimmed activity in Asian bullion hubs.

Auto-catalyst palladium, which is in short supply, has risen 18% so far this month, having hit a record high of $2,582.19 per ounce on Jan. 20. On the day, palladium was down 1.2% at $2,283.19.

"Palladium prices have really been in their own world ... there is lot of demand for it in a tight supplied environment. We are seeing what industrial demand can do for prices," High Ridge Futures' Meger said.

Silver rose 1.1% to $18.02 an ounce. Platinum dipped 1.9% to $959.33 and was on track for its worst week since early November. (Reporting by Brijesh Patel in Bengaluru; Editing by Chris Reese and Steve Orlofsky)

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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