by Frank Holmes
– The best performing precious metal for the holiday-shortened week was platinum, up 2.08%. The metal is expected to remain in deficit for 2021 as South African supplies will remain at risk of electricity disruptions and the growing use of fuel cells creates a new market where diesel fueled engines decline in the future.
– Gold rebounded from a nine-month low on Friday as investors weighed the impact of President Biden’s $2.25 trillion stimulus plan that would be paid for by a corporate tax increase. “The tax increase implications taking a bit of pressure off yields makes sense, and so it’s net positive for gold, at the margin short-term,” said Marcus Garvey, head of metals and bulk and commodity strategy at Macquarie Group Ltd.
– Gold held onto its gain this weekend even as the U.S. manufacturing sector saw a significant rise in sentiment in March. ISM said its manufacturing index hit 64.7 last month, up from 60.8 in February.