January 15, 2021

Gold and silver dropped significantly today as the US dollar hit its highest level in over a month. Gold, which had spent the most of the week bouncing between $1,840 and $1,850 plunged as low as $1,822 today and silver fell nearly a dollar. For the week, gold and silver fell 1.1% and 2.6% respectively. Stocks didn’t perform much better, falling significantly on underwhelming retails sales for December and President-elect Biden’s proposed stimulus aid that pumps more money into relief checks and unemployment benefits and also proposes a federal minimum wage of $15.  That’s right; equities, which had spent months rising on stimulus hopes, reversed course once something more concrete was presented since it didn’t meet investors’ expectations. For the week, the S&P 500 and Nasdaq both shed 1.5% while the Dow fell 0.9%.