Today Reuters reported that the coronavirus spending has pushed the U.S. 2020 fiscal year deficit to record levels. The news outlet wrote, “The U.S. budget deficit hit a record $3.132 trillion during fiscal 2020, more than triple the 2019 shortfall due to massive coronavirus rescue spending, the U.S. Treasury said on Friday.

Throughout Europe and the Midwest United States new infections of Covid-19 have been on the rise.  According to Reuters, Wisconsin as well as other Midwestern states are battling a large spike in new Covid-19 cases, resulting in hospitalizations rising to record levels.

Gold recovered roughly one third of yesterday’s sharp selloff in trading today. As of 4:20 PM EST gold futures basis the most active December 2020 Comex contract is currently fixed at $1904.80, which is a net gain of $10.20 (+0.54%). Today’s gains are partially the net result of dollar weakness as well as market participants bidding the precious yellow metal higher.

Editor’s Note: today’s video report will be an interview with David Lin of Kitco News recorded on Monday, October 12. Also, we were stopped out of all of our trades in profits with the exception of SLV. Exact numbers are available in the proper action section of the members’ page. Our current outlook on the precious metals can be read in the market forecast section.

Today both gold futures, and spot gold prices closed in opposite directions. Gold futures basis the most active December 2020 Comex contract gained $1.10 in trading today and is currently fixed at $1927.30. Concurrently spot gold closed off by $7.50 and is currently fixed at $1921.90.

Whether President Trump’s 180° reversal from his position a few days ago was an intended moved to properly posture himself and gain an edge for negotiations with Nancy Pelosi, or whether he simply changed his mind, is something only Donald Trump knows.

The entire precious metals complex had moderate gains today. Today’s gains were partially due to a renewed optimism that the United States will pass some sort of stimulus aid package prior to the election. The market was also aided by slight tailwinds from a fractionally lower dollar.

During last month’s FOMC meeting, the Federal Reserve released a statement which was followed by a press conference headed by Chairman Jerome Powell. This was the first occasion since December of last year when the Federal Reserve released their “dot plot”, or their proposed roadmap guiding the course of interest rates over the next few years.

A tweet from President Trump today seemed to have come entirely out of left field. Politicians on both sides of the political fence were taken by surprise when he tweeted that he had told his team to stop negotiating with congressional Democrats on a stimulus package until after the election. Many asked the question, “President Trump, did you really say that?”

Both gold and silver are showing moderate gains on the day. These gains are a direct result of dollar weakness and bullish market sentiment which stems from the renewed hope for a greatly needed fiscal stimulus. This has rekindled the belief that there will be a fiscal stimulus deal forthcoming. U.S.