January 8, 2021

Gold and silver had one of their worst days in months, plunging over $80 and $2.50 respectively at one point. The dip comes as equities once again closed at record highs, ignoring poor economic data. Nonfarm payroll jobs fell 140,000 in December, the first decline in 8 months (vs. 50,000 gain expected) and unemployment held steady at 6.7%. Due to the Fed’s increasing intervention in markets over the past 10 months and the increased likelihood of stimulus amid an underperforming economy, investors celebrated the abysmal jobs report leading to another record day on Wall Street. Physical metal demand for precious metals remains strong and many investors view today’s decline as a good buying opportunity.