Precious Metals Take a Beating
APMEX
11/27/2020 8:30:23 AM
Precious Metals Suffer
This has been a very rough week for Precious Metals, with Silver slipping below $23 per ounce and Gold below $1,800 to finish the week. Markets overall have had a very good week, with stocks on pace for their best month on record. As Joe Biden prepares for a transition of power in the U.S. presidency and COVID-19 vaccine production kicks into gear, investors have rediscovered their appetite for risk.
The European Central Bank warned this week that European banks had lower buffers than they had in previous crises against potential drops. A sudden decline is possible.
U.S. recovery data for the fourth quarter paints a bearish picture. Initial jobless claims have been up in back to back weeks, and income and savings measures for U.S. citizens both fell.
AstraZeneca’s COVID-19 vaccine news may have been a little too rosy initially. The company is facing more scrutiny than it did when the news first broke, and it may have a longer journey to approval than competitors.
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
