There is no such thing as a doubt that 2020 shall be written about in historical past books as a yr that billions of people will wish to overlook. For these people fortunate sufficient to not contract the virus, the worldwide pandemic overwhelmingly affected each part of their day by day life making a “new regular”.
Sadly, the world has misplaced virtually 1.8 million souls, because the coronavirus left no a part of the globe unscathed. With solely in the future left in 2020, the whole variety of infections from the virus this yr is 82,456,204, in keeping with John Hopkins College of Drugs.
Fortunately the tip of this yr introduced forth actual hope as Pharma firms created a number of vaccines that at the moment are being safely administered to billions of people worldwide. Concurrently as international locations rush to vaccinate their residents lots of the high infectious specialists predict that the pandemic will worsen earlier than it will get higher.
U.S. Equities and Gold commerce to a brand new file all-time excessive
The pandemic additionally had a huge effect on the monetary markets. All three main US indices are presently at all-time highs. The Dow will most definitely shut above 30,000, and on the shut of buying and selling, at present is at 30,409.56. The NASDAQ Composite and the S&P 500 are additionally at file highs. Partially answerable for the historic rise in U.S. equities is actions by the Federal Reserve as they initiated quantitative easing along with rates of interest close to zero.
Nonetheless, these positive aspects occurred concurrently as the US noticed the best unemployment price because the nice recession within the Nineteen Twenties. The variety of unemployed in the US swelled to 23.1 million people or 14.7% in April. At present, the unemployment price has fallen to six.7% in keeping with the U.S. Bureau of Labor Statistics jobs report on December 4.
On the primary buying and selling day of this yr, gold pricing was at $1521. Gold traded to a excessive of $1750 in March earlier than dropping to its lowest worth this yr of $1450 in the midst of March. This was adopted by a multi-month rally that took gold from $1450 to $2088 throughout the first week of August. From August till November gold prices declined every month buying and selling to a low of $1780 in November. The correction ended this month with gold opening at roughly $1780, and with solely one-half buying and selling day left within the yr is presently mounted at $1899, simply one-dollar shy of $1900 per ounce.
Whereas it’s extremely seemingly that the worldwide pandemic will conclude in some unspecified time in the future subsequent yr, the financial fallout will linger lengthy after the pandemic is simply seen in our rearview mirror. The large expenditures by the U.S. Treasury Division of roughly $4 trillion in two rounds of fiscal stimulus could have a dramatic influence on the economic system in the US which might definitely take the U.S. greenback decrease and gold to a brand new all-time file excessive subsequent yr.
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Wishing you as all the time, good buying and selling and good well being,
Gary S. Wagner