January 04, 2021

After hitting record highs today, equities reversed course and fell sharply on surging COVID case numbers and election uncertainty ahead of tomorrow’s Georgia runoff.  Markets love gridlock in Washington and polls are leaning towards a possible 50/50 split Senate,  giving Democrats control with the Vice President’s tiebreaking vote.  Precious metals, which soared earlier with stocks, are still strongly in the green to begin the new year, with gold and silver trading at $1,943.00 and $27.30, their highest levels since early-November and September respectively.  Stocks are on pace for their worst opening day of a new year in decades,  while metals are holding strong amid increasing uncertainty, which shows a divergent from recent months where equities and PMs moved in tandem.