The global covid-19 epidemic is still spreading rapidly, with the latest statistics showing that the global total of confirmed cases has exceeded 400,000. New Zealand declared a state of emergency in early trading on Wednesday. In financial markets, gold surged nearly $70 on Tuesday, briefly breaking above $1,642 an ounce in early Asian trading on Wednesday, but then plunged sharply in the session, briefly approaching $1,610 an ounce.
More than 400,000 cases have been confirmed globally
According to real-time statistics released by Johns Hopkins University in the United States, there are 417,698 confirmed covid-19 cases, or more than 400,000. A total of 18,614 deaths have been recorded.
In addition to China, more than 20,000 cases have been confirmed in six countries. A total of 69,176 cases have been confirmed in Italy, 53,268 in the United States, 39,885 in Spain, 32,986 in Germany, 24,811 in Iran and 22,622 in France.
To contain COVID 19, more than 20 countries, including India, Poland and Canada, have declared their borders closed, and Italy, Belgium and other countries have imposed national “city closures”.
In early trading in the city of sanya, New Zealand declared a state of national emergency. At least 50 countries are under a state of emergency.
As of the morning of March 25, there were 205 confirmed COVID 19 cases in New Zealand, with 47 new cases reported, according to the New Zealand Ministry of health.
“Community transmission of COVID 19 does exist in New Zealand,” New Zealand government officials said.
New Zealand prime minister ardern announced on the afternoon of March 19 that all non-new Zealand citizens, non-new Zealand permanent residents and their immediate family members would be banned from entering the country in an effort to curb the spread of COVID 19.
The number of confirmed coronavirus cases in the United States is accelerating. More than 53,000 cases have been confirmed in the United States, according to the latest count. At least 16 states have issued “home orders” in response to COVID 19.
According to real-time statistics released by Johns Hopkins University in the United States, as of around 7 am Beijing time on March 25, a total of 53,268 confirmed cases and 696 deaths of covid-19 were reported in the United States. More than 10,000 new cases were reported for the second day in a row. The United States now has the third highest number of confirmed cases in the world, after China and Italy.
US President Donald trump has previously declared New York, California and Washington states “major disaster areas” for COVID 19. Mr Trump announced that he would deploy the federal national guard to help fight the outbreak in areas hard hit by the outbreak, including Washington state, California and New York.
Mr Trump said the region had been moving into a major disaster zone, allowing the federal government to provide more intensive assistance to those states.
‘the federal government is very concerned about the situation in the New York region, which accounts for 56 percent of the confirmed cases and 60 percent of the new cases in the U.S.,’ bewkes, a member of the White House response team, said at a briefing March 24.
On March 24, local time, the chairman of the U.S. general staff committee, general John milley, said that it may take 90 days for the United States to overcome the crisis caused by COVID 19.
“There are a lot of possibilities for getting through this outbreak: the best, the worst, the middle,” milley said on a radio program with U.S. service members discussing the outbreak. Based on what we’ve already said, if you take into account the experience of some other countries, it’s going to take us about 90 days.”
Milley said it may take until late may, June or at least July for the United States to “get out” of the outbreak.
A major increase in the number of confirmed COVID 19 cases in the us is likely to be the new “epicenter” of a new global pandemic, a world health organization (WHO) spokesman said on Thursday.
Just 11 days ago, it was used by the world health organization to describe Europe. On March 13, who director-general tandesay said that Europe had become the “epicentre” of the covid-19 “pandemic”.
On March 23, Thomas Bossert, a former assistant to the President of the United States for homeland security and counterterrorism, warned that the United States could soon have the highest number of confirmed COVID 19 cases in the world.
Bossert wrote on twitter: “sadly, the Numbers now suggest the us is on the verge of taking the lead in confirmed COVID 19 cases. It could very well be the world’s number one within a week.”
Gold prices fell sharply short – term, at one point close to 1610
Spot gold fell sharply short – term in Asian trading on Wednesday, hitting as low as $1612.10 an ounce, down $30 from the day’s high.
Analysts said gold prices fell as some investors took profits after the recent rally.
But some big-name investment Banks, including Goldman sachs, remain bullish on gold’s future, with some analysts advising investors to buy on dips.
Spot gold closed up nearly $70 on Tuesday. The move came after the federal reserve took unprecedented steps to help the us economy, which has been hit by the coronavirus outbreak, and stopped investors from rushing for cash.
The fed said it would begin providing unprecedented credit support to households, small businesses, and major employers to offset the “severe disruption” caused by the coronavirus outbreak.
Having already eased monetary policy sharply this month, including cutting interest rates to near zero, the fed said it would set up new programs backed by student loans, credit card loans and U.S. government-backed loans to small businesses and buy bonds from large corporations.
An article on Economies.com, a leading financial website, argues that unless gold falls below $1,599.10 an ounce and stays below that level, the bullish scenario will remain valid.
Analysts at b. Riley FBR said on Tuesday they expect gold to surge to $2,500 an ounce in the third quarter and stay there in the fourth quarter, given the unprecedented fiscal and monetary stimulus.
Goldman Sachs reiterated its bullish stance on gold Tuesday, publishing a research note titled ‘the last time to buy gold.’
Gold has been under pressure in the past few weeks. Like other firms, Goldman blamed “severe funding constraints” on market participants facing a downturn in risk markets, which meant they were forced to sell liquid positions in gold and other commodities to generate cash.
The fed’s announcement on Monday of massive quantitative easing and other measures to support the economy and markets was a game-changer, Goldman said.
“We believe that the ‘open-ended’ quantitative easing policy announced by the fed on Monday reversed these funding pressures and offset the negative impact on emerging market wealth, and recommend the purchase of gold,” the report said.
“As a result, we are likely to be at an inflection point, as we were in November 2008, when ‘fear-driven’ buying will begin to dominate liquidity-driven selling pressure,” Goldman analysts said. As a result, the near-term and long-term outlook for gold looks more constructive, and we are increasingly confident with a 12-month price target of $1,800 an ounce.”
Gold’s 2019 rally will continue, CPM Group said on Tuesday, with prices likely to hit new highs in the medium term due to the novel coronavirus crisis, geopolitical tensions, and the U.S. election.
The novel coronavirus outbreak reminds investors why it is important to hold gold and other precious metals in their portfolios, which will support gold prices in the future.
“The emergence of this virus should send a warning signal to governments, businesses, and individuals around the world to be alert to the next outbreak of an unknown or new disease and the next one after that,” the CPM group said on Tuesday.