Precious metals have finally woken up

By Peter Bukov|

Published: December 03 2020, 09:56 GMT+0

Precious metals have finally woken up

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It would appear that precious metals are finally awake from their recent slumber and both gold and silver are up strongly from their Monday’s gains. 

On Thursday morning, gold was up another 0.5%, trading at around 1,850 USD, while silver was 0.2% stronger, hovering near 24.15 USD.

As the dollar continues to bleed, investors are anticipating more inflation in the US, which is also reflected in the decline of real yields. Moreover, the ECB and the Fed will most likely announce more stimulus at their December meetings. 

Later in the day, EU PMIs are expected to slow in November, following further COVID restrictions. 

Moreover, the US calendar will offer jobless claims and the ISM services indicator, with services being an important part of the US economy. 

US equities are pushing toward record highs nearly every week, and since more stimulus is on the way, that should stay the case for December, especially during the strong Xmas season