Phil Carr
The Gold & Silver Club
Gold has been on an incredible bull-run throughout 2020, with the precious metal surging over 35% this year.
A global outbreak of the worst pandemic in history combined with unprecedented levels of quantitative easing by central banks world-wide propelled the precious metal above $2,000 an ounce for the first time ever this month.
On Tuesday, Gold retreating sharply back below $1,900 amid optimism that Russia had approved "the world's first Covid-19 Vaccine".
The announcement prompted hedge funds and investment banks into a cascade of profit-taking from Gold’s breakout run to record levels.
Overall, the bull market in precious metals remains intact.
Whilst gold remains vulnerable to further weakness in the near-term – it goes without saying – the fundamental backdrop for precious metals remains extremely bullish in the long-term. My advice is to stay nimble, use a research-driven approach to capitalize on every move with ultimate accuracy and routinely take profits off the table!
Where are prices heading next? Watch The Gold & Silver Club Commodity Report now with Phil Carr for the latest price forecasts and predictions:
Trading has large potential rewards, but also large potential risk and may not be suitable for all investors. The value of your investments and income may go down as well as up. You should not speculate with capital that you cannot afford to lose. Ensure you fully understand the risks and seek independent advice if necessary.
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Editors’ Picks
EUR/USD struggles to hold above 1.0400 as mood sours
EUR/USD stays on the back foot and trades near 1.0400 following the earlier recovery attempt. The holiday mood kicked in, keeping action limited across the FX board, while a cautious risk mood helped the US Dollar hold its ground and forced the pair to stretch lower.
GBP/USD approaches 1.2500 on renewed USD strength
GBP/USD loses its traction and trades near 1.2500 in the second half of the day on Monday. The US Dollar (USD) benefits from safe-haven flows and weighs on the pair as trading conditions remain thin heading into the Christmas holiday.
Gold hovers around $2,610 in quiet pre-holiday trading
Gold struggles to build on Friday's gains and trades modestly lower on the day near $2,620. The benchmark 10-year US Treasury bond yield edges slightly higher above 4.5%, making it difficult for XAU/USD to gather bullish momentum.
Bitcoin fails to recover as Metaplanet buys the dip
Bitcoin hovers around $95,000 on Monday after losing the progress made during Friday’s relief rally. The largest cryptocurrency hit a new all-time high at $108,353 on Tuesday but this was followed by a steep correction after the US Fed signaled fewer interest-rate cuts than previously anticipated for 2025.
Bank of England stays on hold, but a dovish front is building
Bank of England rates were maintained at 4.75% today, in line with expectations. However, the 6-3 vote split sent a moderately dovish signal to markets, prompting some dovish repricing and a weaker pound. We remain more dovish than market pricing for 2025.
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