Sprott Physical Gold $PHYS Downtrend Channel Breakout

  • Post category:Stock Trading
  • Reading time:2 mins read
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Sprott Physical Gold $PHYS stock has done an intermediate-term downtrend channel Breakout on March 10, 2023. The stock bounced off its lower uptrend channel wall on March 9, 2023.

Sprott Physical Gold stock chart on March 11 2023 in uptrend channel
Sprott Physical Gold stock chart on March 11, 2023 in uptrend channel

The Sprott Physical Gold Trust is an exchange-traded fund (ETF) that holds physical gold bullion as its primary asset. The trust offers investors a convenient and cost-effective way to invest in gold without the need to purchase and store physical gold. The trust’s shares are listed on the New York Stock Exchange (NYSE) and can be bought and sold like any other publicly traded security. The trust is managed by Sprott Asset Management, a leading alternative asset manager with over $13 billion in assets under management.

Flight to Safety: Gold

On the back of possible contagion risks from the Silicon Valley Bank (SVB) meltdown, the gold market unexpectedly posted a weekly gain.

Following Friday’s SVB collapse, investors are once again flocking to the precious metal as a haven investment. The largest bank failure since the financial crisis occurred when California banking regulators swiftly closed SVB Financial Group.

According to analysts, SVB was one of the top technology financiers, and its failure illustrates potential unintended effects of the Federal Reserve’s aggressive hiking cycle pursued in its fight against inflation. It is feared that the difficulties facing the startup-focused lender may spread to other international markets.

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