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