Gold Prices Slide Ahead of Biden’s Multi-Trillion Dollar Spending Spree – What’s Next?

With the ink on the $1.9 trillion stimulus package barely dry – President Biden is scheduled to speak in Pittsburgh to outline his long-awaited “Build Back Better” stimulus package, including massive infrastructure spending and tax hikes. The overall package is expected to exceed $3 trillion.

In the lead up to Biden’s speech, Gold prices have pulled on profit-taking as traders squared up for the quarter. Elsewhere, the biggest beneficiaries of Biden’s multi-trillion-dollar spending spree will inevitably be the industrial metals such as Silver, Copper and the Platinum Group Metals (PGMs).

It’s little wonder why commodity traders have nicknamed this specific group of metals – the “trillion dollar trio”.

Other key macro events this week will include; ADP Employment Change and Jobless Claims as well as the biggest event of the week – Non-Farm Payrolls data on Friday.

Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions: