Gold suffered this deepest single-day decline in the last seven years. Not since June 2013 has gold suffered a decline of this magnitude.

Today the New York Times reported that new cases of the coronavirus have reached a record high. The United States set a record with 121,000 new confirmed infections on Thursday. This followed Wednesday’s record number of 100,000 new cases.

It was more than a trifecta of events that sparked today’s sharp gains in both gold and silver. First and foremost is the global pandemic that has resulted in economies worldwide contracting.