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As the world watches the inauguration of Joe Biden as the 46th President of the United States, investors are watching the market.
Today, you will find some breaking news on gold and the U.S. dollar, and an intriguing article about Bitcoin—specifically, why investors should be leery of falling into this whole “Bitcoin is digital gold” idea that has been running rampant lately.
Speaking of inauguration day, we also found a solid article on why today is not only kicking off a new administration, but this day is also kicking off a new era for silver.
You will find these and more below.
Let’s dig in…
Latest News
Gold Ticks Upward While U.S. Dollar Slips Off One-Month Peak
Gold prices ticked up on Tuesday, off a 1-1/2-month low hit in the previous session, as the U.S. dollar slipped while prospects of further global stimulus underpinned the safe-haven metal. Spot gold edged up 0.1% to $1,837.91 per ounce by 0725 GMT, recovering from its lowest since Dec. 2 at $1,809.90 hit on Monday. U.S. gold futures gained 0.5% to $1,839.80. "The key factor appears to be the (U.S.) currency," said Michael McCarthy, chief market strategist at CMC Markets, adding that despite a recent bounce in the dollar, there can be further weakening and that will support bullion.
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Commentary
Here’s Why You Should NOT Consider Bitcoin ‘Digital Gold’
JP Morgan is among the latest to compare Bitcoin to digital gold and suggests the flow of money into Bitcoin will be to the detriment of gold in its report predicting Bitcoin to hit $146,000 in the near future. Bitcoin may well take speculative investment demand from gold, but will not replace gold's portfolio allocation as the inflation and financial crisis hedge of choice. Volatility aside, the two markets are incomparable in terms of market size, market dynamics and historical monetary significance.
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Commentary
Inauguration Day is for Biden AND for Silver!
Whether you’re happy about it or not, Joe Biden will take the presidential oath of office on Wednesday, January 20. But while it’s the official induction of a new president, the real inauguration will be for one of our favorite metals, the one that is the most versatile and vital for the world we live in today: silver.
That’s because President Biden’s policies will be a boon for demand—both industrial and monetary. Here’s a look at what is in store for silver, which is likely to start the day he takes the oath…
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Price
Platinum Rebound Has Staying Power
The best performing precious metal for the week was platinum, up 0.56% on positive comments on price outlook by an industry leader. After dropping on Monday, gold climbed back on Tuesday as President-elect Joe Biden is set to unveil plans for a multi-trillion-dollar stimulus package. This could mean huge inflation, which is historically supportive for the yellow metal. Rhodium is on a tear already for the year. Prices now exceed $20,000 an ounce, according to Johnson Matthey Plc data. The precious metal used to clean toxic emissions is soaring on the bet that China will see a recovery in vehicle sales.
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International
Britons Buying Gold Bars During Lockdown, Millennials Driving Demand
Sales of gold bars jumped by 53% over Christmas, according to the Royal Mint, which has also witnessed a growing demand for the precious metal from young adults. The Mint said sales of 1g and 5g gold bars increased by 53% year-on-year during November and December 2020 - perhaps suggesting an uplift in people giving gold as a gift. In the last quarter of 2020, The Royal Mint introduced special edition 1g and 5g gold bars for Diwali and Christmas, which it said contributed to significant growth as consumers sought out investment gifts. It also recorded a 32% increase in younger customers, aged 22 to 37 years old, buying gold during 2020 as the coronavirus crisis unfolded.
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Commentary
[VIDEO] Jim Rickards Talks Gold, Bitcoin, New Great Depression, China, New Global Reserve Currencies
Famed economist Jim Rickards sits down with Alex Moazed from Applico to discuss Chinese currency geopolitics, investing in gold, whether he's a bitcoin bull or bear, and how the global pandemic affected the economic analysis in his most recent book "THE NEW GREAT DEPRESSION: Winners and Losers in a Post-Pandemic World".
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