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End of Week Precious Metals Overview January 22, 2021 Precious metals posted a modest gain on the week, as the U.S. dollar weakened and President Biden proffered a $1.9 trillion spending plan to assist the economy as the pandemic continues to show no signs of abating. Gold closed the week at $1854.75, an increase of $27.75 from last Friday; silver rose by $0.68 on its way to a $25.40 settlement. Upside price movement was blunted by continued constructive economic news in... the U.S. in the form of better than expected Housing Starts, Existing Home Sales, and lower Unemployment claims. Another tempering factor was the continued rise in equities, with the DJIA climbing by 0.62% and the NASDAQ rising by a robust 4.19%. Lows for the week were seen on Sunday/Monday in Australia, as gold and silver briefly traded to lows of $1810.00 and $24.20, respectively. Prices moved back to the previous Friday’s close by midday in Hong Kong, and with that metals remained featureless in the early part of the week. The upward move came on Wednesday, Inauguration Day, as both metals moved sharply higher during the morning hours of the New York day. Eventually touching the week high on Thursday afternoon in Hong Kong ($1875 and $26.03), metals finally sold off on Friday as the U.S. dollar steadied (although closing lower by 0.62% for the week) and encouraging economic data was released. Michael Mikolay United Precious Metal Refining, Inc.

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End of Week Precious Metals Overview January 15, 2021 Gold and silver prices backed-off as investors took a breather as calmness returned to Washington in the week before the inauguration of a new U.S. President. The U.S. dollar continued a modest recovery, rising 0.76% for the week, which put pressure on the metals complex. For downside support, Fed Chair Powell’s comments that the time to raise interest rates is no time soon confirmed that the current easy money... policy will continue for some time. Some continued lightening of metal positions led to a decline of $21.00 for the week and a close of $1827. Silver also saw some continued light profit taking after rising a couple of weeks ago, losing $0.63 on its way to a $24.72 finish. Equities also paused in their recent rally, with the DJIA and NASDAQ declining by 0.91% and 1.54%, respectively, as the market awaits President-elect Biden’s initial economic policies. Oil prices declined by 1.30% on concerns of diminished demand as global economies continue to deal with growing COVID cases as vaccine distribution is limited in scope and disappointing in breadth. For the record, the high gold and silver prices were seen on Tuesday, with gold touching $1863.75 in London and silver trading $25.62 later the same day during New York hours. Lows were briefly seen ($1821 & $24.40) just as Hong Kong opened the week on Sunday/Monday. Michael Mikolay United Precious Metal Refining, Inc.