(Kitco News) – It has been a long week, and although we are heading into the weekend with no clear winner in the U.S. presidential election, it looks like gold is getting comfortable with a Biden presidency.
As votes are still being counted, Democratic nominee Joe Biden is leading in Nevada, Arizona, Pennsylvania, and Georgia. Many analysts I have talked to said that gold should continue to do well even if Congress is split.
Greg Harmon, founder of Dragonfly Capital, said in an interview that even if Republicans control the Senate, Biden as president probably nudges the needle towards more stimulus rather than less. The question he added was whether it would be enough.
But it’s more than just a question of stimulus. The U.S. political landscape is entering unchartered territory. Even after all the votes are counted, many economists and political pundits expect a prolonged period of uncertainty as votes are recounted, and lawsuits are bought forward. Commodity analysts said this is also good for gold as a safe-haven asset.
Let’s not forget that throughout all the political rhetoric we have heard this week, the COVID-19 pandemic continues to spread unabated. Every day this week, we have seen new records of COVID-19 cases in the U.S. Thursday, 121,200 new cases were reported in the U.S. The nation still leads the world in cases and deaths. Many health professionals have said that this will only get worse.
Many people have dismissed the latest surge in cases, saying that the economy continues to grow. Just today, the U.S. Labor Department said that 638,000 jobs were created in September. The U.S. has seen a recovery slightly more than half of the ten million jobs lost this spring come back. However, all of that and more are at risk if we can’t get the virus under control.
We, as a society, need to take this virus a lot more seriously by following all health guidelines: wearing masks, social distancing, washing hands regularly. In my family, we have turned wearing face masks into a game, and my two children are excited to pick out the masks they are going to wear. In fact, every time I leave the house, they both make sure I have my mask.
Whether it’s waiting for election results or dealing with the pandemic, the only way we are going to get through this is together.
Have a great weekend.
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