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Gold Starts New Year With Price Jump January 05, 2021 (0 comments)


New York, NY—Gold futures rose 3% on Monday, its highest finish since November. Gold and silver also put in the best annual return in a decadeaccording to

After rocketing up to a new record high of $2,067 an ounce in August and sparking speculation of stratospheric prices in the $4,000 and higher range, gold settled back down this fall, bottoming at $1,740 in November and ending out the year at $1,894 on December 30, 2020. At press time, it was trading at $1,951. 

Ed Moy, former director of the U.S. Mint and chief strategist at gold seller Valaurum, told MarketWatch to expect gold prices to rise in the short term, due to economic consequences of the rise of new COVID-19 infections, hospitalizations, and deaths, and also the new and apparently more contagious strain that has emerged.

“This will likely result in significantly increased economic stimulus in the United States, both monetary and fiscal, which in turn will put downward pressure on the [U.S. dollar] and push gold prices higher, he said in an emailed statement to the site. analyst Jim Wyckoff concurs, pointing out in a Tuesday morning commentary that follow-through strength following Monday’s big gains suggests more gold upside coming in the near term. Economists also are keeping a wary eye on possible inflation following the trillions of dollars pumped into financial markets last year.

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