It was a positive weekend for precious metals, with all four gaining incremental growth. Gold increased to $1320.40 and silver experienced a growth of approximately $0.22. Platinum and palladium grew as well, palladium by as much as $11.10.
Today will see the highly anticipated unveiling of the Trump administration’s $200 billion infrastructure plan, said to call for significant reforms in the process of federal permitting along with $100 billion in federal funding for state and municipal construction projects. The government would provide 20% of the overall cost of any given project and cities and states would be responsible for raising the other 80%, a plan that is intended to grow $1.5 trillion in infrastructure investment. The changes in the process of gaining federal permits are designed to shorten the amount of time it takes for such infrastructure projects to be approved. On Wednesday, Trump has scheduled a meeting with the leaders of both Democratic and Republican leaders to discuss this plan.
Before the opening this morning, U.S. stock futures underwent a steep incline. This is after the strong finish of Friday and good trading experienced by Asia and Europe today. Dow futures are estimated to increase by approximately 320 points at the open. This is good news after the worst performance by the Dow and S&P 500 in two years last week, where both dropped down by about 5.2%.
We are expecting the monthly U.S. Treasury statement early this afternoon. After the sell-off of last week, the 10-year Treasury yield reached a four-year high, rising higher than 2.89%. More information is expected from the Consumer Price Index on Wednesday in regards to inflation possibly increasing.
Bitcoin inched closer to $9000 this morning, an increase of 7% and other forms of cryptocurrency rose along with it. Ethereum increased by 5.8%, bitcoin cash by 4.9%, and Ripple by 8.3%.
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