No Stimulus in Sight, Precious Metals Suffer
APMEX
10/30/2020 8:33:24 AM
With No Stimulus in Sight, Precious Metals Suffer
Gold and Silver dropped to their one-month low on Thursday, and Precious Metals overall suffered on Thursday thanks to better-than-expected U.S. economic data and euro weakness. Treasuries and the dollar became a more appealing option than Precious Metals for investors that wanted a hedge against inflation. Friday has seen a rise and Gold is knocking on the $1,900 per ounce mark again.
U.S. COVID-19 infections are rising again and Europe is putting new lockdowns into place as their rates spike. Germany and France in particular are locking down areas that can drive infection. Stimulus for the U.S. was said to be likely before the election, but the Senate went into recess and hopes of a stimulus package look dim.
Stock markets have had a rough week with ups and downs driven by tech sector earnings reports, COVID-19 news and U.S. economic data. Friday saw markets tumble again and equity markets are on pace for their worst decline since March.
APMEX Market Reports provide our readers with a review of spot price activity and some of the factors that may be affecting the market for Precious Metals. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies
