Gold Sees a Gain for the Week
4/9/2021 8:54:16 AMGold was down at the start of the week and has dropped some at the end, but it’s up week-over-week. Thursday saw it hit its highest point since March 1. Friday’s prices hit $1,741.91 by 9 a.m. EDT. Precious Metals in general are struggling, with Silver, Platinum and Palladium all dealing with weekly drops. U.S. economic indicators are strong and investors are putting their money into riskier assets, dropping their Precious Metal holdings.
The big news of the week has been the Biden tax plan. The Biden team has been rallying support wherever they can find it for their goal of raising corporate and high-income taxes. Amazon founder Jeff Bezos proved an unexpected ally for raising the corporate tax rate, giving his support. Treasury Secretary Janet Yellen provided a report this week that showed a gain of $2.5 trillion in taxes for the government over 15 years. Biden had a win this week when it was ruled that the Democrats could make revisions to the already-approved budget plan for the year instead of having to go through the entire approval process in the Senate.
Job openings have spiked in the United States, with the jobless rate hitting 6%. But it hasn’t impacted the demand for jobs. Employers have had a hard time getting people to come back to work.
The United States is on track to have 75% of its population vaccinated for COVID-19 within the next three months.