The gold price is dropping.
People have figured out that gold is pointless in a pandemic, what's more relevant are anti-bacterial wipes, sanitisers, sprays and masks, all of which have sold out at my local chemist who told me he can't buy any at all.
The central bank of Singapore have told the banks to have extra cash on hand, not extra gold.
https://finance.yahoo.com/news/singapore-braces-coronavirus-cases-emerge-063610017.html
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