It’s time to bid a fond farewell to 2020. Good riddance and don’t let the door hit you in the butt on the way out!
Of course, the New Year also means it’s time for — resolutions.
Confession: I’ve never been good at resolutions. In fact, I refuse to make them. Why set yourself up for failure? But get this; now I’m not only supposed to make resolutions for myself. I have to make them for my pets!
Ummm – no.
The year 2020 is coming to a merciful end. As it was with pretty much everything, it was a nutty year for the economy and the precious metals markets. We all hope 2021 will be better, but it seems unlikely that it will be any less nutty. In this special Thursday episode of the Friday Gold Wrap podcast, host Mike Maharrey takes a look back at 2020 and speculates on what could lie ahead in 2021.
Saxo Bank recently projected silver will soar to $50 an ounce in 2021, powered by loose monetary policy along with the push for “green energy.” Bloomberg Intelligence is now making a similar call, saying silver will be “the primary metal” benefiting from electrification and quantitative easing in 2021.
Gold set a new record earlier this year and briefly traded above $2,000 an ounce. In a recent report, Bloomberg Intelligence senior commodity strategist Mike McGlone predicted silver will follow gold toward a record high of its own.
The Federal Reserve held its last meeting of the year this week. There were no big surprises policy-wise. But Jerome Powell and company made it clear that the easy-money spigot will remain wide open pumping trillions of dollars created out of thin air into the economy. In this episode of the Friday Gold Wrap podcast, Mike Maharrey talks about the Fed meeting and the ramifications of its monetary policy.
Investment in physical silver is expected to surge by 27% to 236.8 million ounces in 2020, a 5-year high. This was one of the highlights of the annual Interim Silver Market Review highlighted in the December issue of the Silver Institute’s Silver News.
Three bills prefiled in the South Carolina House would cut taxes on precious metals and take important steps toward treating gold and silver as money instead of as commodities. Passage of these bills would also set the stage to undermine the Federal Reserve’s monopoly on money.
South Carolina is the first state to propose this kind of legislation for the 2021 session, but more states will likely follow suit. This is part of a broader movement at the state level to support sound money.
There is a lot of talk about student loan forgiveness. The idea is wildly popular and it would relieve a huge burden crushing millions of Americans. But is there any downside to this idea? In this episode of the Friday Gold Wrap podcast, host Mike Maharrey talks about the student loan debacle and the possible downside of loan forgiveness. He also touches on the shaky labor market and why the bond market can’t tell us anything about inflation.
Saxo Bank projects silver will soar to a record $50 an ounce in 2021, powered by loose Federal Reserve monetary policy and a weak dollar, and turbocharged by surging demand for the white metal in the solar energy sector.
Demand for silver jewelry is expected to rebound sharply in 2021, according to a report released by the Silver Institute.
The COVID-19 pandemic crushed silver jewelry demand this year. The economic slowdown, coupled with record silver prices in India and higher US dollar prices, is expected to drive a 23% decline in silver jewelry demand in 2020. But the Silver Institute report anticipates a bounceback in 2021, with a projected 13% recovery even with the expectation of higher silver prices.
Now it’s time to talk Christmas!
I know. A lot of people started with Christmas the day after Halloween. This absolutely drives me crazy. Why do we just skip over Thanksgiving? Thanksgiving is a magnificent holiday! I mean, it’s important to give thanks. And who doesn’t want to eat large amounts of delicious food and watch football? But in this day and age, Thanksgiving gets completely run over by Christmas.
