Both gold and silver are showing moderate gains on the day. These gains are a direct result of dollar weakness and bullish market sentiment which stems from the renewed hope for a greatly needed fiscal stimulus. This has rekindled the belief that there will be a fiscal stimulus deal forthcoming. U.S. House Speaker Nancy Pelosi met with the Treasury Secretary Steve Mnuchin on Wednesday, and spoke on the phone every day last week. This in an effort to discuss a bipartisan aid package.

Last week the Congress passed a $2.2 trillion fiscal aid package, however as it stands many analysts believe that it will not likely be approved by the Senate. On Sunday Pelosi said that, “Progress was being made on a coronavirus relief package.” The California Democrat, appearing on CBS’s Face the Nation, indicated that she and White House negotiators were close to a deal, but blames Republicans for delays.

However according to CBSN Boston, “That progress, made between Pelosi and Treasury Secretary Steve Mnuchin, would still need to be approved by the GOP-controlled Senate in order to be signed into law. Senate Majority Leader Mitch McConnell suspended his chamber until October 19 after three Republican senators tested positive for COVID-19 in the wake of the president’s positive test. However, he has said that he could recall senators to hold a floor vote if a deal on a new economic package is made.”

According to the Washington Post, the fiscal stimulus bill could be completed by the end of this week. “Pelosi and Mnuchin revived bipartisan talks earlier this week and expressed optimism that an agreement could be reached. White House officials have in recent days privately expressed confidence that they could secure at least the outlines of a deal by the middle of next week, according to one person who spoke on the condition of anonymity to share details of private conversations.”