Gold prices moved sideways, closing last week at $1,801.80 per ounce. The longer-term weekly chart (below) showed that gold is still in an uptrend, with the 50-day moving average well above the 200-day moving average. Congress is trying to finalize two infrastructure bills: one for public works projects totaling about $600 billion and another for social programs totaling $3.5 trillion. These will add $4.1 trillion of government spending to a budget that is already running a huge deficit. In a speech on the economy last week, President Biden stated that these spending plans will not add to inflation—and would even help tame it because worker productivity will increase: “These steps will enhance our productivity—raising wages without raising prices. That won’t increase inflation. It will take the pressure off of inflation, give a boost to our workforce, which leads to lower prices in the years ahead. So, if your primary concern right now is inflation, you should be even more enthusiastic about this plan.” Investors who are hopeful about this outcome but still want to add protection to their investment portfolios in case things do not go as planned may want to consider adding more gold now while prices remain at their present levels. Rick Andrews is president of Avant Capital Management.