Inflation Risk Pushes Gold Up
APMEX
12/18/2020 8:43:06 AM
Inflation Risk Increases Prices
Gold hit its highest point since November 16 yesterday, mainly due to stimulus hopes for the U.S. economy. Congress seems more motivated than ever to come to an agreement. Inflation from a proposed stimulus bill would push Precious Metals higher. On the other hand, the COVID-19 vaccine is rolling out in the U.S. and E.U., which may promote investor confidence and prompt them to invest in riskier assets. Time will tell.
Joe Biden officially won the majority of electoral votes in the U.S. presidential election. Cabinet picks are working their way through the confirmation process. Attorney General William Barr resigned.
The Pfizer COVID-19 vaccine rolled out this week across the United States. Moderna’s vaccine may receive final approval from the FDA today.
A Russian hacker group broke into many U.S. government systems, though officials say classified information was not affected. This was part of a very widespread backdoor breach in both government and large corporations.
The Fed pledged a $120 billion bond buying program this week. Bitcoin climbed past $20,000, then past $23,000.
Congress continues to work on COVID-19 relief, and may wind up working through the weekend. Mitch McConnell stated that the Senate would stay until virus aid was complete.
Chinese economic recovery has continued. Its industrial output rose 7% and retail gained 5%, but the central bank has still had to inject yuan into the economy to shore it up.
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
