April 16th Market Update
Gold Rises Due to Dollar Declines
As of 9 a.m. EDT Friday, gold was at $1,786.70. Silver followed suit, rising to $26.32.
Monday brought news that President Biden is working on a long-term solution for the world’s computer chip shortage. Early in the week, he met with executives from GM, Ford, and Alphabet in reference to the shortage. The global auto industry could lose $61 billion in sales this year due to the shortage.
Tuesday, Bitcoin outperformed its last peak in March with an all-time high of $63,000.
More COVID-19 news broke Tuesday, as the United States paused the use of the Johnson & Johnson vaccine due to reported cases of blood clots in some recipients. Still, the S&P 500 hit an all-time high.
Wednesday, Coinbase Global, Inc. went public. The jury is still out on if the listing will push cryptocurrency further into the mainstream. Concerns over volatility and practicality remain for some investors. The first day it traded on the Nasdaq, it reached a $112 billion valuation.
Thursday, reports showed that Gold was trading at the highest point since February due to declines in the dollar and bond yields.
Reports indicate that retail sales jumped 9.8% in March, the highest in 10 months.