While cryptocurrency prices fell near the end of the week, the value of precious metals, energy equities, and global commodities rose due to the continued conflict in Ukraine. The price of one ounce of pure gold is approaching $2000, benchmark coal prices are climbing, aluminum prices are breaking records, and nickel prices are at an 11-year high.
Elon Musk insists that ‘extraordinary times demand extraordinary measures,’ as metal and oil markets rise:
The Nasdaq, NYSE, S&P 500, and Dow Jones Industrial Average all finished the day in the negative on Friday. The situation in Ukraine still shakes investors who don’t know how to deal with a wartime market.
Furthermore, following a strong week for cryptocurrency markets, the conclusion of this week revealed a different tale, with the worldwide market capitalization of the whole crypto-economy falling below $2 trillion. The crypto economy is hanging just around $1.85 trillion in USD value at the time of writing on Saturday, March 5.
Furthermore, following a strong week for cryptocurrency markets, the conclusion of this week revealed a different tale, with the worldwide market capitalization of the whole crypto-economy falling below $2 trillion. The crypto economy is hanging just around $1.85 trillion in USD value at the time of writing on Saturday, March 5.
In the previous 24 hours, gold has gained 1.76 per cent per ounce.999 fine gold, while one ounce of.999 fine silver has gained 2.37 per cent. Despite the war in Ukraine, the precious metal gold has performed well, with an ounce of gold increasing in value by 7.25 per cent in the previous 30 days. Peter Schiff, an economist and gold enthusiast, tweeted on March 4 about gold’s rise in value in tandem with oil prices.
“Both gold and oil, priced in euros, are at record highs today,” Schiff remarked. “The ECB has been moaning for years that inflation in the Eurozone is too low. They were dead set on resolving that non-existent issue. “Congratulations, ECB; you’ve now got a serious challenge to address,” Schiff said.
This week, gold isn’t the only commodity receiving particular attention from global investors. According to estimates, benchmark coal prices in Asia increased by 46%, reaching their highest level since 2008. Aluminum prices have soared to new highs in recent days, while nickel prices have risen by as much as 5.6 per cent this week.
On Friday, the price of copper hit an all-time high, while the price of zinc soared to a 15-year high. Electric costs have grown considerably in some parts of the world, and electric vehicle (EV) stocks have begun to climb. While EV stocks may increase faster and Tesla may gain more ground, Tesla CEO Elon Musk just tweeted about boosting oil and gas production. Nearly half a million people liked Musk’s tweet, which said:
“I hate to say it, but we urgently need to raise oil [and] gas output.” “Extraordinary circumstances necessitate extraordinary responses.” Musk continued, ”
This would hurt Tesla, but sustainable energy alternatives can’t respond quickly enough to compensate for Russian oil [and] gas exports.
On social media, well-known brands like McDonald’s and Coca-Cola are being chastised for continuing to operate within Russia’s borders. Furthermore, several sources state that “recession indications are appearing,” and some investors anticipate a further drop on Monday this weekend.
