Precious Metals Sink as Treasuries Spike
3/8/2021 9:25:25 AM
Precious Metals Fall as Treasuries Spike
This week’s big news in Precious Metals is a continued drop as U.S. Treasury bonds continue to rise. Gold has dropped to almost $1,700 per ounce and Silver is just above $25. Stocks rose for much of the early week, but Thursday remarks from Fed chair Jerome Powell pushed them down again. These trends remained steady into Friday morning.
The COVID-19 stimulus package helmed by Joe Biden made it through the Senate this week, but Republican and moderate Democrat resistance may continue wrangling over the long term. There is a second set of amendments said to be coming later that may change the scope of the package.
COVID-19 vaccinations proceed at high speed, and this week President Biden said that we could see shots available for all adult Americans by the end of May — two months ahead of schedule.
Cabinet appointees for key financial watchdogs came up before Senate committee this week, and the potential head of the SEC indicated a willingness to scrutinize retail trading platforms like Robinhood that may have responsibility in some market fluctuations.