Gold climbs $25
Debt is exploding and central banks are monetizing debt at an unthinkable pace. QE3 was $40 billion per month and the Fed today promised to buy $125B per day.
On the fundamental side, the picture for gold has never been better. Money is being devalued and high-quality debt will yield next-to-nothing for years. The seeds are now all planted for an inflation crisis at some point as well.
On the supply side, there are even announcements of mines closing to protect workers. So there will be less gold.
The one big worry is that the virus causes enough political instability somewhere or financial stress to spark sovereign selling. That's a real risk.
Technically, gold held the November lows and is now at the highest since Wednesday.