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In today’s metals news, the interconnectedness of the market and other economic factors is on display. The articles below analyze how the U.S. dollar affects sterling silver, the ying/yang relationship of gold and bitcoin, and how the price of gold affects the price of silver.
Investors who pay attention to these symbiotic relationships between gold, silver, bitcoin, the greenback and other factors will find plenty to chew on today.
Let’s dig in…

Latest News
Investors Watching for More Stimulus as FOREX-Dollar Drops, Sterling Sinks
The U.S. dollar index traded near a 2-1/2-year low on Monday after weak U.S. jobs data heightened expectations of economic aid, while sterling slumped as Britain and the European Union made a last-ditch attempt to strike a trade deal. Fears grew of a chaotic no-trade deal Brexit on Dec. 31 when the United Kingdom finally leaves the EU. "The question for most is whether this is just the beginning of the U.S. dollar slide and whether the theme has more juice," said Mark McCormick, global head of FX strategy at TD Securities in Toronto.
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Commentary
‘Gold or Bitcoin’ Debates Heat Up, Plus More Metals News
As bitcoin rises to new all-time highs and gold loses steam, the debate between the two assets intensifies. More and more investors are calling for bitcoin as the new haven asset to replace gold. “Gold was really the safe asset of the past world and baby boomer generation. Now it’s being replaced by automated assets like bitcoin,” said Jean-Marc Bonnefous, a former commodities hedge fund manager, in a Bloomberg interview. Gold-backed funds have dropped 93 tons of the metal since November 6, while the Grayscale Bitcoin Trust has doubled in dollar terms since the start of August.
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International
Platinum Roars Back as Chinese Consumers Choose It Over Pricey Gold Jewelry
THE surge in the price of platinum – which posted its biggest monthly gain in November since 2008 – has been put down to renewed appetite among consumers who prefer the metal to its more expensive rival, gold. “We have observed that Covid has resulted in a re-evaluation of love gifting,” Trevor Raymond, director of research at the World Platinum Investment Council (WPIC) told Bloomberg News. “Platinum has been very strongly associated with love gifting, globally and in China,” he said. The WPIC said in its third quarter report in November that the platinum market would record another deficit in 2020, partly owing to a recovery in jewelry sales in China. In addition, 2021 would also represent the continued growth of the China market.
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Price
Gold Gains Looking Like an Upward Correction in a Bear Market
Gold managed to close in the green for the first time after three weeks following the creation of a bullish hammer near a four-month low of 1,764 and the bounce back above its 200-day simple moving average (SMA). The recent row of bullish candles, however, appears to be an upside correction in the downward pattern that started from the record high of 2,079, while the bearish cross within the 20- and 50-day SMAs and the narrowing distance between the 20- and 200-day SMAs remain a negative trend warning.

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Commentary
Standard Chartered Says Gold Price Will Return to $2,000 in a Couple of Months
Despite some short-term obstacles, gold will return to its peak of $2,000 an ounce in the next couple of months, according to Standard Chartered. In November, gold was oversold, with prices falling well below $1,800 an ounce. November also saw the largest outflows of exchange-traded products (ETP) since November 2016. “Provisional estimates imply net outflows of 112t in November. [This] suggest[s] that net redemptions were the largest since November 2016, the last U.S. election,” said Standard Chartered precious metals analyst Suki Cooper. “If outflows continue at the current pace, December will mark the second largest on record, only behind the outflows of April 2013.”
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Price
Will Silver Reach $26 if Gold Gets to $1,900?
Both are overbought, but for speculators looking for a final chance of a breakout in precious metals, such technicals might not matter. What would matter is if gold got to $1,900 an ounce, then charts show silver could rally to $26. In Tuesday’s Asian trade, benchmark gold futures for February delivery on New York’s COMEX traded as high as $1,875.95, barely $25 from the immediate $1,900 target sought by longs. COMEX silver futures for March, meanwhile, hit a session high of $24.891, setting it within a $1.20 striking range of $26. There is no timeline on how long it would take for either metal to hit its desired target.
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