Silver Hits Peak and Slides, Demand Still High
2/4/2021 8:52:47 AM
The story of this week in Precious Metals has been Silver, which benefited from a run by the same people who orchestrated the GameStop run. Market volatility cooled on Tuesday as Silver retreated slightly. Gold has pulled back significantly, particularly headed into Thursday.
Politicians across the political spectrum called for reviews of market regulations in the wake of the retail trader frenzy, and Treasury Secretary Janet Yellen is meeting with top regulators to look at the details and make sure nothing untoward has happened.
Oil continues to struggle as companies like BP, Exxon and Shell missed earnings statements. Low demand worldwide has continued to hammer the industry. Global supply is getting low, though, and OPEC+ met on Wednesday to figure out possibilities.
The COVID-19 vaccine rollout continues apace. The number of people that have received at least one vaccine dose in the United States has finally exceeded the number that have tested positive.
Logistics and retail giant Amazon is in for changes as CEO Jeff Bezos transitions out of the day-to-day running of the business.
Stocks began to climb again as volatility slowed. GameStop, the center of the frothy trading of last week, lost much of its value and plunged more than 80%.
Joe Biden’s $1.9 trillion stimulus package is on its way through the Senate and should pass soon with a simple majority, barring any changes.