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Markets react: what gold, stock prices say about election outcome - Peter Hug

David Lin

Kitco News

As of 11:00 pm EST, the precious metals and equities futures markets are favoring a Trump re-election, this according to Peter Hug, global trading director of Kitco Metals.

Gold fell 1.19% as of 9:30 pm EST, but rebounded when President Trump narrowed the lead from Vice President Joe Biden. As of 11:30 pm EST, gold is down 0.6%, the S&P 500 futures are up 1.3%, NASDAQ futures up 3%, Dow futures are up 0.65%.

Biden is reported to have 192 electoral votes, with Trump at 111.

“What it’s telling me is that the market, both the equity market and the metals markets, from a bullish perspective would prefer Donald Trump as the president and to continue for the next four years, and they are more worried on a Biden presidency, which has created some fear and some selling into the market whenever there is a suggestion that he has a reasonable shot of becoming the next president,” Hug said.

By David Lin

For Kitco News

Contact dlin@kitco.com
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.