Gold Starts 2021 With a Bang! Sprott ESM 300%+ MOV
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The gold price started strong out of the gate for the first trading day of 2021, jumping over 2% to as high as $1,950.
It's been a couple months since we've seen the price this high...
Alert: Gold Reaches $1950
Silver spiked as much as 4%, to $27.54, a level it hasn't seen in over 3 months.
A sure reason for the jump in gold and silver was the statement from Chicago Fed president Charles Evans this morning. "The Fed’s policy stance will have to be accommodative for quite a while... economic agents should be prepared for a period of very low interest rates and an expansion of our balance sheet..."
In other words, monetary dilution will be ongoing, something Mike Maloney has said is the Fed's only real strategy at this point. Combined with negative real rates and you have an ideal scenario for strong gold and silver prices.
It's clear that many investors agree, as demand for precious metals jumped in response to the Fed's statement. A vaccine may bring the pandemic under control this year, but central banks are nowhere near ending their super-easy monetary policies.
Read More: https://investorshangout.com/post/view?id=600...z6ibwrMBVf