April 12, 2021

Today’s 3 and 10-year bond auctions were less than stellar, leading to a rise in yields that helped push metals downward to begin the week.  Demand was substantial enough to keep yields off their 1-year highs, but metals and equities still reacted negatively to even a modest rise.  Gold is down about 0.7%, trading at $1,731, and silver is down 2%, trading at $24.80. Tomorrow’s CPI data for March should give better insight into inflation worries which will likely rattle metals markets one way or another. The Nasdaq closed down 0.36% today while the Dow fell 55 points and the S&P 500 finished flat to remain near last week’s record highs.