HOW WILL THE U.S. PRESIDENTIAL ELECTIONS AFFECT GOLD?
Gold prices are gaining today as the U.S. Presidential election approaches, which has been the focal point for 2012 in the investment market. The speculation on which candidate will be elected and what they will bring to the table has been strong today as many have shared their outlook for what it could mean for Gold. Phil Streible, senior commodities broker at RJO Futures offered his comments. To the possibility of President Obama being re-elected, he said we would continue to see, "fiscal irresponsibility, (Federal Reserve Chairman) Ben Bernanke going all the way through [his term], quantitative easing full throttle, weaker dollar.” Streible then speculated on a Mitt Romney victory, saying, "You get Romney and he's planning on shrinking the government, cutting spending, becoming more fiscally responsible ... so you're probably going to see a stronger dollar, weaker metal on him.”
A private sector report shows that U.S. consumer confidence rose for the month of October as Americans are beginning to feel more optimistic about the economy. The report reflected a reading of 72.2 for October, an substantial increase from the reported 68.4 in September, and the highest level since February 2008. The labor and housing market are both more upbeat than previously recorded as consumer certainty is improving with the holidays approaching soon. It is expected that new home construction will create growth this year, which would be the first time since 2005.
At 5 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,686.90, Up $10.20.
- Silver, $31.21, Up $0.32.
- Platinum, $1,542.90, Down $0.50.
- Palladium, $612.40, Up $11.70.
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