Tomorrow is the day, what will happen, the uncertainty that we might not have a final decision. It’s also possible a contested U.S.election which might take some time to determine results from the election. This election is a big deal traders are paying close attention as events unfold.
All the above could keep precious metals steady but IMG suggest strongly that any price break should be viewed as a buying opportunity…!!!
Report out of London showed a record amount of gold held in vaults in September 9,069 tonnes of gold. The U.S. and Europe at this very moment face a record number of new coronavirus cases motivating investors to increase their metals holdings, as economic concerns add safe-haven demand.
If Biden wins a sharp gold rally could develop quickly expecting a massive stimulus package that the Democrats have on the table.
After the headlines fade away regarding the elections, gold will remain very positive, spending will continue no matter who wins. Focus on the big picture, the next couple of days bring opportunity…!!!
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