In 1983, I began my career in the financial markets as an R.R (registered representative) better known as a commodity broker. In my 37 years as a broker, commodity trading advisor, trading systems developer, trading software creator, and now a financial commentator I must say that this surely has been one of the most challenging years during my tenure as a financial analyst.

The last full trading day for 2020 has come to a close, now with only a shortened trading day left tomorrow, we can begin to look back at this year. There is no doubt that 2020 will be written about in history books as a year that billions of individuals will want to forget.

As of 3:20 PM EST gold futures basis the most active February 2021 Comex contract is fixed at $1883.40, after factoring in $3.00 (0.16%) of gains. While on the surface this could be interpreted as traders bidding the precious metal higher, in the case of today’s action it was 100% due to a weak U.S. dollar. The U.S.

On Sunday President Trump signed off on the legislation to fund the government avoiding a shutdown that would have begun on Tuesday, coupled with a fiscal stimulus aid package.

To say that this year was a year that will be written about in the history books as a devastating global pandemic spread worldwide would be an understatement. As we come upon the final week of trading for 2020 next week, we can gladly wish this year away.

Interesting action in gold pricing today with a divergence of price between spot and futures pricing. As of 4:25 PM EST gold futures basis, the most active February 2020 Comex contract is currently up $6.70, which is a net gain of 0.34% and fixed at $1877. Dollar weakness today is the primary contributor to gains in gold futures.

Gary Wagner, editor of TheGoldForecast.com will join Kitco News for the channel's first ever live-streamed interview on Tuesday, December 22, at 4:00 pm EST.

The discussion will center around the outlook for the precious metals, with an introductory segment on technical analysis and chart reading.

Based on the optimism that the House and Senate had reached an agreement in regards to the revised bipartisan fiscal stimulus bill on Sunday, gold futures traded to an intraday high of $1912 overseas last night in London. This price point is exactly $0.40 above gold’s current 100-day moving average which is currently fixed at $1911.60.

There were three major events this week that had a profound impact on U.S. equities, gold, silver and the U.S. dollar. The first major event was a renewed optimism on the revision of a bipartisan proposal which was introduced last week.

Sadly, the events that began in March when the Covid-19 epidemic officially became a global pandemic has led to the current state of the economy. Actions by the Federal Reserve and the U.S. Treasury have resulted in a perfect storm of events that have taken gold to its highest price ever in August 2020.