Silver Futures Market News and Commentary
Dec Comex gold (GCZ20) on Thursday closed up by +20.1 (+0.98%), and Sep silver (SIU20) closed up +1.510 (+5.62%).
Precious metals on Thursday rallied sharply for a third day, with Dec gold at a new contract high, Aug gold at a fresh all-time nearest-futures high, and silver at a 7-1/4 nearest-futures high. Bullish factors included a slumping dollar and expectations for more U.S. debt-fueled government stimulus.
The dollar index fell to a new 2-year Thursday, which is bullish for metals prices. Also, U.S. lawmakers continue to struggle to agree on a compromise virus rescue package, which is expected to be substantially in excess of the Republican plan of $1 trillion and boost the U.S. national debt. Fitch, last Friday, put the U.S. debt rating on negative watch, citing a "deterioration in U.S. public finances and the absence of a credible fiscal consolidating plan." Fitch said that it expects general U.S. government debt to exceed 130% of GDP by 2021.
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