Phil Carr
The Gold & Silver Club
Gold found support on Monday, above the key psychological level of $1,900 as a spike in new infections weighed on risk sentiment among investors as cases touched record levels in the United States.
U.S. stocks decline picked pace on Monday afternoon, setting the Dow for its worst day in more than seven weeks, as soaring coronavirus cases and a political deadlock over the fiscal relief bill raised doubts about the fate of the economy recovery.
The countdown has begun for what is expected to be ‘the most controversial U.S Presidential election’ ever in history.
With only nine days to go, U.S President Donald Trump and Democratic challenger Joe Biden are now down to the final full week of campaigning before the November 3rd election.
Traders everywhere are preparing for the contingency of a contested result in the most crucial election in generations.
U.S President Donald Trump has been furiously sowing distrust of the legitimacy of the electoral process and especially of postal votes, calling this “the most corrupt Election in American History”.
Given that more Democrat than Republican voters are requesting mail in ballots, it is quite possible that Mr Trump could be leading on the night and then Mr Biden moves ahead as postal votes are counted. That “blue shift” scenario could mean days and even weeks of furious disputes, from polling stations, through county, city and state electoral administrations, to state and federal courts.
The result could end up hanging on a decision of a Supreme Court whose composition is itself the subject of fierce partisan disagreement: a repeat of Bush vs Gore, but on steroids. In the worst case scenario, the controversy could stretch into January 2021.
Extraordinary times create extraordinary opportunities and right now as traders, we are living in some of the most rewarding times ever in history.
Currently, precious metal prices are trading sideways in a narrow range. This ultimately indicates a big move is on the horizon. The only question now, is which way.
Regardless of whichever candidate wins – the outcome is guaranteed to trigger some explosive moves across the commodities complex from the precious metals to the energy markets.
Where are prices heading next? Watch The Gold & Silver Club Commodity Report now with Phil Carr for the latest price forecasts and predictions:
Trading has large potential rewards, but also large potential risk and may not be suitable for all investors. The value of your investments and income may go down as well as up. You should not speculate with capital that you cannot afford to lose. Ensure you fully understand the risks and seek independent advice if necessary.
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GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
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