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The gold price reached a new record high this week, beating the previous record set on Sept. 5, 2011. The gold price kept rising past the record high to new heights as the week wore on, and now the $1,940 record that was set on July 28 appears to have become the new floor for the price amid today’s pullback.
The organization said this week’s record high gold price has been driven by a combination of several factors. They are high uncertainty, very low interest rates and positive price momentum. All of these factors support investment demand, but the World Gold Council added that there are reasons to believe that the market is still early in the cycle.
The coronavirus pandemic is still far from being over, and its impact on the world’s economy is still being worked out. The organization said some countries like China, South Korea and parts of Europe seem to be turning a corner. Globally though, hope of a rapid recovery is gone.
Those shorting stocks during the COVID-19 pandemic have made more than $50 billion in profits. Billionaire Bill Ackman recently said that activist short sellers are far more efficient than regulators at unearthing corporate frauds, and that regulators should work with short sellers. Here we take a look at the top 10 best performing activist short calls in the first half of 2020 that paid off big time.
Shorting stocks is a challenging business, especially during an economic crisis when regulators try to restrict short selling. But a crisis also brings tons of opportunities for short sellers.
Short sellers bet that a stock is going to fall. They borrow shares of a stock and sell them, hoping that it would tumble within a specified period. When it falls, they buy from the open market at dirt cheap prices and return the borrowed shares to the lender, pocketing the difference.