Gold Prices Bounce on Presidential Election

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American Eagles

Gold prices have solidly crossed the $1,900 threshold again during the 2020 presidential election. While vote counting continues into Thursday morning, bullion prices have continued increasing as investors in the bullion arena and on Wall Street appear confident about the election process. Regardless of whether President Donald Trump wins reelection or former-Vice President Joe Biden becomes the next president, the United States election itself was a remarkably smooth process with relatively few glitches despite the pandemic and the new COVID-era voting protocols in place.

Buyers are pushing the price of gold beyond $1,920 Thursday morning, with silver gaining nearly $1 to trade at $24.85. Bullish bullion prices are mirroring what’s happening on Wall Street these past 48 hours, with stock investors also posting significant gains during trading sessions yesterday. For precious metals investors, stick to buying pre-1933 vintage United States gold, pre-1965 90% silver United States silver, and American Eagle bullion coins, which are among the most highly liquid bullion products.

Investors must remain nimble as ballot returns continue pouring in. While tally announcements should be coming during the next two to three days from the states yet to dole out electoral votes, legal challenges from President Trump’s campaign could forestall an official final call for the election. How will the markets respond to that? What will happen if legal challenges persist through the holidays? Stay tuned…

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