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Gold futures ramped up to their highest finish in nearly two weeks, as expectations for further fiscal stimulus under the new Biden administration pressured the U.S. dollar.
The market expects more fiscal stimulus measures to be "announced very soon," providing support for gold, says Chintan Karnani, chief market analyst at Insignia Consultants, after Treasury Secretary nominee Janet Yellen told the Senate Financial Committee yesterday that the U.S. should "act big" on boosting the economy.
Comex February gold (XAUUSD:CUR) settled +1.4% to $1,866.50/oz., the highest finish for a most-active contract since Jan. 7, while March silver (XAGUSD:CUR) closed +1.8% to $25.766/oz.
Gold equities trade broadly higher, including GOLD +2.4%, NEM +3.5%, AU +5.6%, GFI +4.9%, KGC +3.4%, AEM +5.1%, EGO +3.5%.
Among silver producers: AG +10%, EXK +10.4%, CDE +6.9%, PAAS +8.2%, FSM +4.2%.
Gold at $2,000/oz. is still achievable, probably by the middle of Q2 as more people are inoculated with the COVID-19 vaccine and with so much cash in the system as demand almost returns to normal, says OCBC Bank economist Howie Lee, adding that "people will start looking at inflation very closely then."
"Buying GDX is likely to make for a sound trade as seasonality and the dollar influence prices to the upside," QuandaryFX writes in a bullish analysis published recently on Seeking A;pha.
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