January 13, 2020 – Precious metals got a boost early last week on geopolitical news. The U.S. assassination of Iranian General Qasem Soleimani raised the prospect of war between the U.S. and Iran. But those concerns quickly began to fade and metals lost much of what they had gained.

Notwithstanding this morning’s pullback, the metals are performing relatively well.

Gold managed a daily close above the technically important price of $1,566, and nearly got a weekly close above that level. Silver prices rose $.06/oz and finished a its second week above $18/oz.

Stocks sold off on Friday following a weaker-than-expected jobs report. The BLS estimate of 145,000 non-farm payrolls was less than the 160,000 jobs forecast. Worse, officials lowered their estimate for job creation in the two prior months.

Investors turned to bonds and bought a little gold.

This week’s scheduled economic data will include reports on inflation, retail sales, and industrial production.



Check out live precious metals prices here:
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