Spot gold rose 0.1% to $1,854.95 per ounce by 0329 GMT, recovering from a 0.9% decline in the previous session. U.S. gold futures eased 0.1% to $1,854.30.

President Joe Biden’s administration tried to head off Republican concerns that his $1.9 trillion pandemic relief proposal was too expensive on a Sunday call.

“We’re seeing bigger question marks over the passage of Biden’s stimulus package, Senate Republicans are starting to stand a bit more objectionable with particular parts of the package,” said Lachlan Shaw, National Australia Bank’s head of commodity research.

“So it does raise the question about the speed and the timing of the package. (Although,) some of the issues of the vaccine delays in the U.S. are perhaps tilting the balance in odds of favor of that stimulus,” Shaw added.

The dollar was down 0.1% against rival currencies, making gold cheaper for holders of other units.

Gold is considered a hedge against inflation, likely from the widespread stimulus. Also supporting the precious metal, global coronavirus cases rose to more than 98 million as countries struggled to increase the pace of vaccinations.

Investors now await the U.S. Federal Reserve’s policy meeting due on Jan. 26-27.

“The Fed is likely to take the conservative course and wait for additional data and assume fragility, given the short-run effects of tackling COVID in the U.S. more aggressively could weaken sales and domestic economic activity,” said Nicholas Frappell, global general manager at ABC Bullion.

“The longer-term outlook and technical support remain bullish so above $1,840, look for moves back to $1,870-$1,880.”

Silver gained 0.7% to $25.58 an ounce, platinum rose 0.1% to $1,099.61, and palladium added 0.1% to $2,354.47.

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SILVER DAILY

Silver is also confirming a cycle breakout. The bullish divergence in late November (prices remained above the September high) suggests robust momentum behind silver moving into this advance. Consequently, I think prices could surge sharply higher over the next 3 to 4-months. I have a minimum target of $35.00, but $42.00 or higher is a real possibility by April or May.

 

 

PLATINUM DAILY

Platinum diverged even more bullishly than silver, building the potential for a powerful advance. In late November, when gold dropped to new lows, platinum hit fresh highs. Once above $1200, we could see $1500+ easily by April or May. Historically, the price of platinum trades well-above that of gold, so we have a lot of catching up to do.

 

 

Georgia Senate Update

The Georgia Senate race has tightened to nearly a coinflip compared to the 68% to 35% reported last Tuesday. If the Dems win both seats (currently 49% odds), that will change things from a divided government to one that is united. The Dems, if in control, would increase spending and stimulus, but with that comes the potential for higher taxes, which corporations hate. If they win, I suspect the likelihood of higher taxes could be enough to trigger a correction in stocks.

Also, several Senators said they would dispute President Trump’s election loss when Congress reconvenes on Wednesday. That opens the door for an investigation into claims of election fraud. It is unclear how this will play out, but if there is a genuine investigation, then that too could cause market uncertainty and a possible correction.

Silver and Platinum are leading gold and should outperform gold in 2021. Our educational metals portfolio is long GDXJ, SILJ, GDX.

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Gold remains short with silver and still look weak. We have been short for an extended period. We look for a breakout to the downside with some acceleration. The key here comes at the end of the month, both gold and silver could have key reversal patterns to the downside which could extend the selling.

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Ultimately, if we can break above the 50 day EMA, then the market goes looking towards the $26 level. If we can break above there, then the market is likely to go looking towards the $27 level where we have seen a lot of supply in the past. To the downside, even if we break down below here, I think that the absolute “floor” in the market is closer to the $20 level. Ultimately, this is a market that should continue to be bullish over the longer term, as central banks around the world will continue to flood the markets with liquidity. Because of this, I think that this market remains a “buy on the dips” type of situation.

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The art of silver beating (toreutics) is one of the traditional Iranian metalwork handicrafts which dates back to several thousand years ago to the era of the Scythians who were of Aryan origin.

No evidence has been found yet on the origins of silver beating. However, many silverware artworks with more than 3,000 years of age have been discovered so far including the gold Marlik Cup and Hassanlou Cup.

Silver beaters create original and beautiful works using a hammer and burin to engrave copper, gold, silver, and brass.

If the engraved form is created on cold metal the art is called “davatgari” which was common in the Achaemenid era and reached its climax in the Sassanid era.

Silver beating is a noisy art.

The artists begin their work by drawing a pattern on an object and then hammering the burin to engrave the pattern on the surface of the object.

There are three different styles, e.g. the Shiraz Style which uses the images of Persepolis, flowers and birds on silver objects.

The Tabriz Style is one in which the artist creates the engraved images on a metal using a burin which is held upright by the artist who moves it gently from the wrist so that it only creates shallow images on the metal. The third style is the Isfahan Style where the artist uses a hammer and consequently creates deeper images on the metal.

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 Iranian karatekas bagged gold, silver and bronze medals at International Kyokushin Oyama Karate Championships held in Kiev, Ukraine, on October 27.

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 Taravat Khaksar gained the silver medal in the Karate event of 2018 Asian Games, underway in Indonesia.

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