Precious Metals Rise as Stimulus Talks Finally Progress
APMEX
12/4/2020 8:37:05 AM
Precious Metals Improve as Stimulus Talks Progress
The big news for this week in Precious Metals has been a breakthrough in the standoff between Republican Congressional leader Mitch McConnell and Speaker of the House Nancy Pelosi. The two and their respective parties had been talking about stimulus packages for the economy for months, and each had their own plan. A bipartisan group of lawmakers created a middle ground proposal this week and both McConnell and Pelosi threw their weight behind it. That news lifted Gold and Precious Metals out of a funk brought on by vaccine news and kept them up for this week. As of 9 a.m. EST, Gold was back up to $1,849.58 per ounce.
COVID-19 continues its march, with Wednesday marking the deadliest day for the virus yet. Deaths went over 2,700 and hospitalizations cracked 100,000. Areas in the U.S. including the city of Los Angeles are implementing lockdowns, and some areas in Europe including Germany are extending theirs. There is good news on the vaccine front, with the U.K. approving the joint Pfizer/BioNTech vaccine for use.
Global stocks have had their best month ever. OPEC+ continues to discuss a 2021 hike in output, but no agreement has been reached. A Brexit deal is supposed to be concluded by this weekend between the E.U. and U.K. Jobless data in the U.S. showed signs of improvement, including the biggest drop in jobless claims in two months.
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