Park Avenue Numismatics
5084 Biscayne Blvd, Suite 105
Miami, FL 33137
Toll Free: 888-419-7136
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Over 30 Years Experience
Park Avenue has over 30 years
experience buying and selling
Rare Coin and Precious Metals.
We have the knowledge and
ability to provide our customers
with the best products and services.
Gold last traded at $1,778 an ounce. Silver at $22.53 an ounce.
NEWS SUMMARY: Precious metal prices traded lower Monday amid upbeat vaccine news despite a weaker dollar. U.S. stocks traded mostly lower on month-end profit-taking after strong gains.
Sieron/Oil Prices--"This last week hasn't been great for gold. The price of the yellow metal plunged then from $1,840 to $1,780....President-elect Joe Biden announced the beginning of a formal transition of power from Trump's administration to his. Biden also started to announce nominations for top positions, which served to reduce the risk that a contested election had for uncertainty among investors.
In particular, there are rumors that Biden is likely to tap former Fed Chief Janet Yellen to become the next Treasury secretary...Yellen, who is seen as a dovish person, is believed to be supportive of bigger government economic aid in order to stimulate the economy and recover quickly from the coronavirus crisis. Actually, she has for some time been calling for increased government spending to help combat the recession and has always been concerned about the labor markets, low participation rates and high unemployment.
What does it all mean for the gold market?....The long-term fundamentals haven't significantly changed. The real interest rates actually remain deep below zero while the U.S. dollar remains weak. These factors should support gold prices and the expanding public debt should also help the yellow metal. Investors also shouldn't forget about the possibility of a debt crisis or the risk of accelerating inflation when the pandemic ends and people increase their spending.
In other words, the ongoing fiscal and monetary stimulus should support or even push gold prices higher in the medium to long-run."