At the start of March, Goldman's head of commodity strategy said there is one commodity that will be safe: gold "which - unlike people and our economies - is immune to the virus."

And now,  Jeffrey Currie and Mikhail Sprogis are saying The Fed's "open ended" QE reverses funding stresses and will offset the negative impact from lower EM demand:

"We are likely at an inflection point [for gold] where 'fear'-driven purchases will begin to dominate liquidity-driven selling pressure as it did in November 2008."

As such, Goldman raises both the near and long-term gold outlook, saying they are "far more constructive," reaffirming their 12-month target of $1,800/oz.

In 2008, the turning point for bullion was the announcement of $600b QE in November, after which gold began to climb despite further weakness in equities and commodities.