When will financial markets hit bottom? The past may not hold any clues.
The coronavirus has ripped United States financial markets from their moorings. Even veteran investors say they've never seen the turbulence across all markets that we have experienced in recent days, making it extremely difficult to use the past to predict what will happen next or. In one important way, U.S. companies were actually in better shape on the cusp of the Great Depression than many are now.
Another shocker is the price of gold. Normally, gold and gold mining stocks rise in periods of fear and uncertainty because investors view the precious metal as a reliable store of value. Not this time. An index of gold mining stocks is down 34 percent from its March peak. But some aspects of the current upheaval in financial markets are unique in recent history, investors and analysts say, making it extremely difficult to use the past to predict what will happen next.“Fear of death is what is driving people's panic and the markets’ reaction makes it even harder for them,” said David Kotok, co-founder and chief investment officer at Cumberland Advisors. “The sentiment shift is as extreme as we have ever seen.
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