What The U.S. Election Could Mean for Gold and Silver Prices
Political uncertainty can cause major changes in gold and silver prices. This is a tale we are familiar with as we saw gold and silver prices sky rocket after Britain’s decision to leave the European Union. Tomorrow’s decision will be no different as America elects their new president.
According to Bloomberg, Chief Precious Metals Analyst James Steel believes that the gold price will jump at least 8% no matter who is chosen to be the new president, but HSBC predicts a win for Donald Trump will lead to a rise in gold and silver prices, and a win for Hillary Clinton will cause a fall. HSBC stated in a Bloomberg report that Trump could lead gold over 1,500 USD/oz, and Clinton would lead to 1,400 USD/oz before the year ends.
What is for certain that there is a fear of the Federal Reserves raising interest rates, and both candidates have purposed trade policies that could grow the demand of gold and silver. Gold and silver prices will continue to edge higher as the year comes to close as many investors try to create a safe-haven against political turmoil.
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Sources: bloomberg.com, investingnews.com
Image Source: fox6now.com
