THE GREAT gold rush has begun! Gold surged 5% on Thursday to a five-year high as plummeting world markets have driven investors to search for real value.
There was panic selling of worthless paper currencies and a stampede to gold which is now being regarded as the only real value. $1.2 trillion dollars has been wiped off global stock markets since the start of the week alone.
Widespread panic has gripped the stock markets as the fear that the world is on the cusp of a much deeper crash than 2007 becomes a reality. Spot gold was up 5 per cent at $1,257.26 an ounce, the highest since February 2015. It was its biggest daily rise since January 2009.
US gold futures for April delivery settled up 4.5 per cent at $1,247.80 per ounce. Meanwhile, British banks fell to a 7-year-low, shedding another 7% of their value.
Germany’s Deutsche Bank was down 9.3% compared to this time last week.
France’s Société Generale was down 14.5%, Standard Chartered down 14.7% and Credit Suisse down a whopping 17.7%. The Bank of America closed almost 7% down and Citigroup 6.5% down.
