Global concerns about the increase of new cases of the novel coronavirus in Europe as well as the United States have had a dramatic impact on both U.S. equities and gold yesterday. Both equities as well as gold were sharply lower in trading yesterday.

As of 4:00 PM EST the equities markets are closing for the day and still settling. Today’s market action can best be described as brutal, with all three major indices and the entire precious metals complex trading dramatically lower.

Over the last few days, we have been focusing upon the FOMC meeting which concluded on Wednesday of this week. We have spoken about how recent changes in the monetary policy of the Federal Reserve have had an impact on gold pricing.