Gold & Silver Building A Firm Base Ahead Of A COVID-19 Relief Bill

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	Silver Prices Surge As Markets Bet On Inflation-Inducing Stimulus
	Spot silver (XAG/USD) prices have seen significant upside on Wednesday, rallying north of 2%. . . .Joel Frank
	Gold To Retest $2000 And Record New All-Time Highs
	Gold is expected to see most of its gains in the first half of this year, Standard Chartered Precious Metals Analyst. . . .Dhwani Mehta
	Gold Rises As Dollar Dips On Yellen's Call For Bold Stimulus Action
	Gold rose on Wednesday to a near one-week high as the dollar weakened on U.S. Treasury secretary nominee. . . .Asha Sistla, Reuters
	UK Gold Sales Surge
	Overall sales of gold made by the Royal Mint over the final two months of the year rose by a whopping 510%. . . .Darren Sinden
	India's Gold Discounts Jump; Prices Surge To Record Peaks
	Physical gold discounts in India widened to their highest in almost three years this week as local prices surged to record peaks. . . .Recorder Report

After starting 2021 at $1,893 per ounce, Gold reached the $1,800 resistance level before finding major support last Tuesday. Considering January has been an excellent month for the Gold price, why did we see a re-testing of the support level? It's due to a strong U.S. Dollar Index (above 90) and U.S. interest rates moving higher. Plus, last Tuesday, there was talk that the $1.9 trillion COVID-19 relief stimulus legislation was going to be stalled till the end of February, due to the second impeachment trial. However, on Friday that trial was moved to February 8, giving Congress the time to help the Biden administration pass legislation and confirm Biden cabinet members.

Last Friday, Gold closed at $1,856 per ounce, up $26 for the week and continuing to build a firm base while awaiting passage of the $1.9 trillion COVID-19 stimulus law. The major fundamentals still favor much higher Gold prices. The direction of the U.S. Dollar Index has been heading lower since the middle of 2020, with a few brief bear market rallies. Plus, the Federal Reserve and the new Treasury Secretary Yellen is committed to continuing to be accommodating to the financial markets and support a weaker U.S. Dollar.

Today: This morning the Biden administration is proposing its $1.9 trillion COVID-19 relief legislation and the Gold price reached a high of $1,868 per ounce. However, Republicans appear to be pushing back on this legislation and Gold quickly sold off, back to the $1,850 support level.

Last Friday, Silver closed at $25.52 per ounce, up $0.69 for the week, but down $0.77 from the beginning of 2021. Silver attempted twice last week to break above the key $26 resistance level but sold off both times. The Silver-to-Gold ratio has decreased to 72.63-to-1.

Today: The Silver price rallied with Gold, reaching a high of $25.83 before seeing selling that took it back to $25.20. The $25.50 level is a key support level at this time, with $26 resistance, as we wait on the stimulus legislation.

Thank you Barry + David StupplerMintStateGold.com by Stuppler and Company[email protected] 1-888-454-0444
	Barry Stuppler Founder + President	David Stuppler Managing Director
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