OPEC and its allies are leaning toward delaying next year’s planned increase in oil output but this news has already been priced into the market.
After a prolonged bear market, commodities reached a major inflection point in 2020. In response to the global pandemic, governments began unprecedented money creation. Ultimately, I believe this will lead to a decade of sharply higher inflation and a 10-year bull market in precious metals.
Gold dropped to a five-month low on Monday and was on track for its worst month in four years as optimism over a swift vaccine-fuelled economic recovery dented allure for safe havens. Spot gold was down 0.8% at $1,773.56 per ounce by 10:11 a.m. EST (1511 GMT), having earlier hit its lowest level since July 2 at $1,764.29, and has shed 5.6% so far this month. "They (investors) are abandoning gold because they feel that the vaccine is going to open up the markets at some point and it looks like the transition is going to be orderly," said George Gero, managing director at RBC Wealth Management.