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Welcome to a new week of precious metals news and commentary!
Let us start the week with some nuanced perspectives on gold—we have a collection of commentaries for you that provide different outlooks on the yellow metal—some bullish, while others are bearish. You will also find a fresh take on why silver is not the “poor man’s gold” anymore.

Let’s dig in…

Economy
Here’s Why U.S. Fiscal Negotiations Will Be a Positive Thing for Gold
Fiscal negotiations happening within the U.S. federal government as they prepare for a second potential stimulus should be a positive for gold. Overall, gold is still well supported in the longer-term by low yields, according to HSBC precious metals analysts. “It is clear that the FOMC continues to view the economic outlook as extraordinarily uncertain, and that the economy’s path will depend heavily on how the COVID-19 pandemic evolves. Ongoing monetary accommodation from the Fed and the extraordinarily uncertain economic outlook can buoy up gold.”
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Stock Market
Gold Traders Issue Largest Delivery Notice on Record at Comex
Traders on the main gold futures exchange in New York have issued the largest daily delivery notice on record. The market is showing signs of their norms being upended by the price disconnect that struck in March, and traders declared their intent to deliver 3.27 million ounces of gold against the August Comex contract, the largest daily notice in bourse data going back to 1994. Millions of ounces of gold get traded on the futures market every day—but only a miniscule amount of it goes to delivery. However, in recent months, large amounts of bullion have flowed into New York and the Comex has seen record deliveries. That’s a result of a disconnect between…
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Commentary
VIDEO: Just Because Gold is King Doesn’t Mean You Should Automatically Buy It—Here’s Why
This three minute video from the Financial Times provides a concise answer to the question—should you be buying gold now? The yellow metal is king during times of crisis, and is seen as a safe haven for investors. However, as the FT's Robert Armstrong explains, it is also traditionally associated with fear, hoarding and inflation, and betting on gold is a bet against history.WATCH VIDEO ([link removed])
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Price
Why Silver is Not the Poor Man’s Gold Anymore
Gold has been getting most of the headlines lately, which has most investors focused on the yellow metal, but silver has been up about 25% since July—which was the grey metal’s second-biggest monthly gain on record. And what every investor needs to understand is that silver is still undervalued compared with the yellow metal. “Silver is often called the ‘poor man’s gold’ because some of the same factors that cause gold prices to rise do the same thing to silver prices,” says Ed Moy, chief market strategist at gold retailer Valaurum. “And what is driving gold prices now are mainly the fear of inflation due to the magnitude of the monetary and fiscal stimulus worldwide, and the flight to safety due to the uncertainty around how and when the global economy will recover.”

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Commentary
This Veteran PM Investor Says Gold is Going Higher
His name is Caeser Bryan of the Gabelli Gold Fund, he’s been a precious metals investor for 25 years, and he wants you to know that investors need the yellow metal as an insurance policy against the coronavirus crisis. Bryan remains bullish on gold over the medium term (one to three years) for these reasons: SEE HIS FIVE REASONS WHY INVESTORS SHOULD BE BULLISH ON GOLD
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Commentary
Precious Metals: A Technical Review – Q3 2020
Brent Hecht on the Seeking Alpha website says the gold chart is fast approaching a critical price level. Hecht looks at various charts when he published his interpretations on what may happen in the precious metals complex. “There are likely some volatile and interesting times straight ahead. I don't want to sound alarmist; rather, my intention is only to open people's hearts and minds to possibilities. Right now, I'm very bullish precious metals, but I also know we have had an incredible run, and there will be periods of advance followed by periods of decline. I also believe that in some instances, technical analysis of one market can be interpreted through the lens of the technical analysis of another market. So, we will look at the precious metals complex and see if it tells us anything useful. This will include gold, silver, bitcoin (yes, I know it isn't metal), and the U.S. dollar index.”READ FULL
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Gold Silver Central

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