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Well, another week has begun! And we have plenty of precious metals news for investors today. We start with Germany and their gold that is being stored at the Federal Reserve Bank of New York…our relationship with that country is prickly now, and how the election turns out will likely determine what Germany does with its repatriated gold here in the U.S.
We also have to additional commentaries on the election and its affects on metals prices and the economy, along with some international gold news out of Uganda and India.
Let’s dig in…

International
Here’s What Germany Might Do with Their Repatriated Gold if Trump Wins
During the Trump administration political ties between the U.S. and Germany have critically deteriorated. Recently, the U.S. imposed sanctions on companies working on Nord Stream 2 and announced to withdraw 12,000 troops from Germany. In 2013, when Germany repatriated gold from the U.S., the Germans communicated: we will not be threatened. Gold is a political metal. “Whoever has the gold makes the rules,” as the saying goes. Because gold serves as the backstop of the international financial system, the global distribution of gold influences the balance of power. This is true for gold ownership, but it also applies to storage locations. The more of its gold reserves Germany stores at the Federal Reserve Bank of New York, the more leverage the U.S. has over Germany.
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Commentary
The Gold—U.S. Presidential Election Connection
Sharps Pixley writer Lawrie Williams looks at the economy and how the election results could affect the country’s economic direction. One point Williams makes concerning the future price of gold is NOT dependent on who wins the election, as long as a stimulus package is passed.
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International
Will Gold Reserves Boost Uganda’s Economy?
Uganda has been urged to widen its capacity to absorb refined gold in the country by looking to build its gold reserves at the Central Bank, among other things.
Sharon Tem, the acting chief executive officer of African Gold Refinery (AGR), said gold reserves at the Central Bank come with benefits such as increase in their value, and that Uganda would be in a better position if it further supported the gold refining industry with specified legislation.
"Yes, President Museveni has always supported African Gold Refinery, but we need to take it forward and have the necessary legislation in place and then we can absorb this gold," she said.
Tem was speaking at a recent mineral wealth conference organized by the Uganda Chamber of Mines and Petroleum. AGR has been one of the main sponsors of the conference since 2015.
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Commentary
Here’s What a Biden Presidency Would Mean for Gold
From Kitco writer Gary Wagner: “First of all, I need to start off with a disclaimer. By no way am I endorsing either President Trump or former Vice President Biden in the following article. This is simply an attempt to forecast what market participants might see if Joe Biden is elected as the next president of the United States. The last presidential debate has concluded, and the polls currently indicate that former Vice President Biden has a 10-point lead, which means that gold investors need to understand the possible impact of a Biden victory as it relates to gold pricing. If history is any indication as to whether or not analysts can predict how gold prices will react, one simply needs to look at how gold prices moved in November 2016 when voters elected Donald Trump. Most analysts including myself believed a Trump victory in 2016 would be extremely bullish for gold and in the case of the 2016
election most analysts including myself, got it wrong.

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Economy
JP Morgan Says Bitcoin Can Compete with Gold “More Intensely”
The tide is turning. This week PayPal announced support for cryptocurrencies, and now JP Morgan is changing the tune, as it says, Bitcoin is competing with gold as an “alternative” currency. The physical gold market, favored by the older generations, is worth $2.6 trillion, including the assets held within gold ETFs. Bitcoin, on the other hand, has a market cap of $240 billion and mostly favored by millennial investors. In 2020, to date, Bitcoin has surged more than 80% compared to gold’s nearly 25%. To catch up to hold in terms of market value, the leading digital currency would have to surge more than 10x from current levels. JPMorgan said in a note on Friday…
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Commentary
Gold Sales Will Decline 50%
AHMEDABAD: While stability in gold prices coupled with the auspicious muhurat of Dussehra are expected to infuse the much-needed optimism for gold demand, yellow metal sales are expected to take a major hit this festive season. Estimates by India Bullion and Jewelers Association (IBJA) suggest that gold sales are expected to decline at least by 50% against last year. READ MORE ([link removed])
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