Stimulus Package Talks Continue To Be Bullish For Precious Metals

GOLD

The U.S. dollar keeps falling, reaching a low today of 90.52, to a 2 1/2 year low. Plus, today’s report that key legislators are working on a COVID-19 aid stimulus package, which hopefully will be coming soon, is very bullish for precious metals. The size of the aid package and who will get the money are the key negotiation points. After Gold reached a low of $1,765 late last month, Gold is back on its bullish track. At 11 am PT today, Gold is trading at $1,836 per ounce, up $7 on average volume.

SILVER

Silver continues to trade above and below the key $24 per ounce level. With a stronger Gold market, I would have expected to have seen Silver above $24.50, but the support isn’t there right now, especially in the face of stronger physical demand. At 11 am PT today, Silver is down $0.06 per ounce, trading at $23.96 on normal volume.