Another potential problem is the body of regulations imposed by the Paris Climate Accord that President Trump had negated but which President Biden has immediately rejoined.

While gold’s chart has recently confirmed its short-term negative trend, the intermediate trend remains neutral while gold’s long-term chart is beginning to show some positive indications.

For “hard money” advocates, this has been a remarkable month. Gold has risen by more than $100, silver has begun to surge, and the headlines are full of news items quite capable of raising public concerns to crisis levels.

These moves were the first serious interruption to the bull market, which had not encountered a serious decline since the election of November, 2016. Since general market moves have been one of the most reliable historic indicators of precious metals market moves, we take a close look at these developments.