Jim Cramer Says Buy Gold, But Not Today
Gold took off in intraday trading on Monday.
Gold is up over $1,900 an ounce as investors sought the safety of the precious metal as tensions rose between Washington and Beijing and as optimism over a recovery from the coronavirus pandemic waned.
It hit an all-time high .
And The pandemic helps gold because worries around the pandemic are wreaking havoc with the global economy, and the precious metal is seen as a safe haven in times of economic and financial turmoil.
Rising global political tensions also are aiding gold, again because of the safe haven effect.
The relationship between the U.S. and China continues to be on thin ice. Last week, the U.S. ordered the closure of the Chinese consulate in Houston and then, in retaliation, China ordered the U.S. to vacate its consulate in the city of Chengdu.
And, Republicans are set to propose their coronavirus stimulus bill. It’s been reported that Republicans are seeking another round of $1,200 stimulus checks.
This comes as doubts about an economic recovery also have been growing as a spike in coronavirus infections has again forced many businesses to close. Meanwhile, a $600 weekly supplement to jobless benefits ends this week and Congress has yet to agree on another coronavirus relief bill.
And, according to the Washington Post, Republicans are reportedly considering lowering the $600 weekly payments to $200.