Ho ho ho! Merry Metals!

As we close in on the Christmas holiday later this week, precious metals keep their shine going. However, what investors want to know is—will precious metals continue their surge in 2021? We have some analysis on that for you today.

We also have Goldman Sach’s take on bitcoin. You don’t want to miss it.

Alright, let’s dig into the news now…

Commentary
Will Precious Metals Keep Their Shine Next Year?

What a year it has been for precious metals. While gold has backed off of its $2064 August all-time high to about $1891 (unadjusted for inflation though), the yellow metal is still up about 24% year-to-date. Meanwhile, silver is up about 46% year-to-date, currently trading at about $26.31/ounce, but off about 10% from the 2020 high it hit in August. Silver, however, is nowhere near the $47+ all-time high it hit in 2011 (also unadjusted for inflation).

Latest News
This Week Kicks Off with Precious Metals on the Front Foot, Oil on the Back

A new strain of the COVID virus, new lockdowns, and new travel restrictions are heavily influencing financial markets, and commodities in particular. Precious metals are higher due to the fact that they’re considered safe havens and the price of oil is dropping thanks to the new restrictions in travel and movement.

Price
Gold and Silver Price Analysis: Watch Them Keep Climbing

As mentioned in previous reports, gold and silver prices look set to the extend their respective rebounds higher as bullish technical setups begin to take shape across multiple timeframes. Here are the key levels to watch for both precious metals. Gold looks set to extend its rebound from the November low (1764.73), as prices burst back above the trend-defining 50-day moving average and the 61.8% Fibonacci (1864.86). With the RSI eyeing a push back above 60 into bullish territory, and a bullish cross over taking place on the MACD indicator, the path of least resistance seems to favour the upside. Gaining a firm foothold above the December 17 high (1896.29) on a daily close basis would probably neutralize near-term selling pressure and carve a path for prices to challenge Descending Channel resistance and the 100-MA (1904.13).

Price
Silver Shorts Get a Smack Down

What a day already and it hasn’t even started here with February Gold now trading at $1,884.20, down $4.70 after hitting a high of $1,912 with the low at $1,859. Silver is still positive with its trade at $26.54, up 50.7 cents after spiking to $27.635 (up $1.602) and with a spiked low at $25.12 (down 91.3 cents from Friday’s Comex close). The US Dollar has spiked as well with the value pegged at 90.62, up 66.7 points and coming off the high at 90.95 with the low to beat, at 90.02. Of course, all this happened already before 5 am pst, the Comex open, after all of London closes, and after youtube removed the president’s lawyers opening statement during the senate committee hearing. “YouTube has decided that my opening statement in the U.S. [Senate], given under oath and based upon hard evidence, is too dangerous for you to see; they removed it…

Economy
Goldman Sachs Says Bitcoin’s Rise is NOT an ‘Existential Threat’ to Gold

Amidst the wild bull rally of 2020, several mainstream firms have commented on Bitcoin’s ability to outdo gold in the long term. In its recent report, JPMorgan also said that if Bitcoin continues to see the institutional adoption it is seeing, which has just “begun,” gold can “suffer” over the coming years. However, according to Goldman Sachs Group, Bitcoin and gold can coexist despite the largest digital currency pinching some demand from the traditional safe haven asset. The bank said in a note…

International
India’s Gold Market: Retail Gold Demand Keeps Improving—Here’s Why

After making a strong recovery over the past few months since COVID restrictions were eased, the pace began to moderate in November. While a number of economic indicators continued to expand y-o-y, they did so at a slower pace than over recent months (Table 1).

Thanks,
Gold Silver Central