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Happy Friday! To close out this week, we have some economic news for you on the stimulus deal along with a look at the vulnerabilities of the U.S. dollar. We also found an analysis on how investors can position their portfolios for success during this uncertain political season. All this and more from Gold & Silver Central—have a great weekend.
Let’s dig in…

Economy
Here are Three Ways the Stimulus Deal Could Die Before the Election
Will a stimulus deal get done? Here’s what you need to know: There appears to be renewed optimism of a potential stimulus deal between White House negotiators and Speaker of the House Nancy Pelosi. Pelosi (D-CA) said the White House had 48 hours to finalize a stimulus deal, a deadline which has since passed. However, with the election less than two weeks away, it’s also possible that any stimulus package dies in the halls of Congress. Now, the next stimulus is not only about stimulus checks and unemployment benefits. There are underlying influences of the election, Supreme Court confirmations and political jockeying. Here are 3 ways that there won’t be a stimulus deal now:
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Commentary
Analysts Look at Positioning Your Portfolio to Succeed Through the U.S. Election
HSBC analysts Xian Chan and Willem Sels put together this report on protecting your portfolio during this uncertain political election season. They write, “The US Election season is now well underway, with Congressional and Presidential elections set for 3 November. Their outcome has the potential to shape the policies of the world’s largest economy, with a knock-on impact for financial markets. As things stand, the result is far from certain, and may ultimately depend on a few “swing states.”
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Latest News
Silver Demand Nearly Triples During 2020 Pandemic
Data by the Silver Institute shows that global silver-backed Exchange-Trade Products’ holdings rose by 297 million ounces through the first three quarters of 2020, nearly tripling the growth seen during the same period last year. “Overall, this reflects both silver’s role as a safe haven asset and as a leveraged play on gold, as some investors expect silver to outperform the yellow metal,” said the Silver Institute. According to the organization, silver bullion coin demand was up 65 percent over the first three quarters. German and US markets led the way with both seeing double-digit gains over the nine-month period.
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Economy
WARNING: The U.S. Dollar is Vulnerable to ‘Significant Depreciation’
SINGAPORE — One Standard Chartered Bank analyst warns that the greenback is vulnerable to a “significant depreciation” as sovereign fundamentals appear to be “pointing south. You have the twin deficits in the U.S. getting worse, you have the trade balance at the worst in 15 years,” Eric Robertsen, global head of research at Standard Chartered Bank, told CNBC’s “Squawk Box Asia” on Wednesday. Election Day is less than two weeks away and Robertsen said the outcome would determine “the path to the end result.”

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International
Turkey Gobbles Up Gold While Dealing with a Weak Currency and Inflation
ANKARA, Oct. 21 (Xinhua) -- A weakening currency and elevated inflation in Turkey have pushed the demand for gold, which has been used as a traditional means of savings for Turkish households, to high levels. The Turkish lira has lost about 25 percent of its value since the start of this year against the U.S. dollar, highlighting that Turkey's already existing economic vulnerabilities were worsened by the COVID-19 pandemic. With huge foreign-currency public and corporate debts, as well as high inflation and unemployment, the Turkish currency went down gradually to 7.91 liras against 1 dollar this week, while 8 liras against 1 dollar was generally considered by the economists as "psychological threshold." In this volatile context, investing in gold and the greenback have become households' preferred way to protect their savings at home or in gold accounts in banks. In a jewelry shop in Ankara's Oran
neighborhood, gold prices are hand-written on a sign near the entrance as prices change every day.
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Commentary
Goldman Sachs Recommending Dollar Dumps and Silver Buying
Sell dollars and buy silver. That’s Goldman Sachs’ recommendation. Peter Schiff has been warning about a dollar collapse and now the mainstream is even getting bearish on the dollar. In response to the economic shutdowns imposed by governments to deal with the coronavirus pandemic, the Federal Reserve is printing money to infinity and beyond. On top of that, it has shifted its inflation targeting to allow inflation to run hot meaning there is no end in sight to the currency debasement. This is bearish for the dollar and an article published by Reuters last month quoted a number of mainstream analysts talking about “dollar woes.” Goldman Sachs has jumped on that bandwagon, saying in a recent report that “the risks are skewed toward dollar weakness.” Analysts see an increasing likelihood of a Biden victory in the upcoming election. READ MORE
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Thanks,
Gold Silver Central

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