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Joe Biden’s budget proposals will be the biggest budget expense in history



Although gold closed higher that day, it still closed lower the week with a low equal to last week. This marks the second consecutive week of falling gold prices. The total drawdown over the past two weeks is a net decrease of $ 86. While it is evident that the major damage occurred on November 9, when market forces took the precious yellow metal nearly $ 100 lower than trade to an intra-weekly low of $ 1,847. During an interview on Wednesday, November 18 with Kitco News, I spoke about the fact that we had identified a variant of a western map design called a Death Cross. This is why our technical studies have indicated that $ 1,845 is a price point that should be the first price point to look for a potential pivot and a key reversal. Last week’s low of $ 1,847, as well as this week’s low of $ 1,849, is further technical confirmation that many market players have bought lower over the past two weeks. This indicates that traders see potential support at this price point. During Wednesday’s interview, I was asked what is a possible motivator that has driven the price of gold down since it hit the new high on August 10. The Gold Bulls have been placid and patiently await a much needed fiscal stimulus package that has so far been on hold. Also, I believed then, as I do now, that once a fiscal stimulus bill is passed, we should see gold react extremely optimistically by moving to prices. higher. Edward Moyer, senior market analyst at Oanda, said that “if stimulus talks continue to move in the right direction, gold should start to rise again. He also referred to the fact that many analysts, including myself, agree that “every little extra push from now on will be a bullish catalyst for gold. Too much of the US economy is vulnerable and that will keep the stimulus flow going until the first half of next year. While gold has traded well from the new high set on August 10 at $ 2,088, it has since been declining. Price action next week will be heavily headline-focused, with market participants keen to see more information on whether a fiscal stimulus bill will be forthcoming before the end of 2020. There are other positive developments from an aid program, the first place to look for gold to trade higher is its current 38% retracement which has also shown strong historical support, especially during the two last months. It’s also realistic to think that once President-elect Joe Biden takes office on January 20, he will attempt to allocate huge amounts of capital not just for a budget stimulus bill, but for others. programs which he says are long overdue. According to numerous informational publications, including a budget template created by Penn Wharton of the University of Pennsylvania, “The Biden platform raises $ 3.375 billion in new tax revenue while increasing spending by 5.37 billion dollars. billions of dollars.” Other estimates predict that President-elect Biden’s proposed budget would increase national spending, raise taxes but further inflate the national debt. While he proposes to take around $ 3 trillion in new taxes, while his proposals will cost around $ 11 trillion in spending. President-elect Joe Biden is proposing significant new public investments that can be divided into three broad categories; education, infrastructure and research and development. The budget model created by Wharton estimates spending of $ 1.9 trillion over 10 years to be injected directly into education. It also involves spending on infrastructure and research and development plans that will cost an additional $ 1.6 trillion in spending. President-elect Biden is also focusing on social security arrangements. His plan focuses on increasing benefits, especially for low-income households, which is expected to cost an additional $ 290.7 billion in spending over the next 10 years. Although President-elect Biden is a moderate Democrat according to the Washington Examiner, “throughout the Democratic presidential race, Joe Biden has been described as a prominent ‘moderate’ within the party. But the truth is, Biden is only moderate of Senator Bernie Sanders and the candidates who have embraced key aspects of a socialist agenda that will cost tens of trillions of dollars. If the spending Joe Biden plans to implement is still close to forecast, we’ll see the most massive amount of government spending in history. This could most certainly have a dramatic and devastating impact on the value of the US dollar and at the same time be strongly favorable to rising gold prices in the years to come. Wishing you, as always, good trading and good health, Gary S. Wagner – Executive Producer.
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