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In today’s Gold & Silver Central News, we look at the upcoming “dark” winter ( as described by Joe Biden) thanks to an excellent analysis from HERAEUS. You can get the report as a PDF at no charge. We also look at the commodities market, gold futures, gold price, and more.
Let’s dig in…

Commentary
Winter is Coming: Here’s a Market Spotlight from HERAEUS
US presidential elections have little impact on the gold price which follows its longer-term price trend (see charts on back page). The Kondratiev cycle is a 50 to 60-year economic cycle that ends with a deflationary bust. It is named after Nikolai Kondratiev who wrote about it in the 1920s. Kondratiev identified three phases in the cycle: expansion, stagnation and recession. Today the cycle is usually divided into four periods named after the seasons of the year. The winter period is characterized by falling stocks, deflation and economic depression. The last winter in Europe and the US can easily be recognized as the depression of the 1930s. It was preceded by a stock market rally to record highs and excessive use of credit and followed by a subsequent stock market crash and economic collapse. Spring is characterized by rising stocks, moderate inflation and a strongly expanding economy...
GET THE FREE REPORT PDF ([link removed])
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Commentary
Reinflation Trade and a Looming ‘Commodity Supercycle’ Coming with Biden Victory or Loss?
For weeks now, we've been pointing to expectations that a Joe Biden victory, accompanied by a Democratic sweep of the Senate, could accelerate a "reflation" trade, as the world witnesses the shift toward fiscal policy in the form of massive fiscal stimulus supplant QE as the preferred vehicle for the central bank carrying out its monetary policy objectives. This fusion between fiscal and monetary policy is an inevitable consequence of the Fed's shouldering the burden of promoting economic "equality", or at least combating "inequality" - a laughably ironic objective for the Fed, which has done more than any other single entity in blowing the equity asset bubble that's driven economic inequality in the US back to levels last seen during the Gilded Age. Well, after having MMT pioneer Stephanie Kelton, best known as the go-to economic policy advisor for AOC and Bernie Sanders, on the show, MacroVoices this
week followed up with an individual who has examined the potential blowback caused by this historic policy shift.
READ MORE ([link removed])

Commentary
What the Election Result Means for Gold?
Tomorrow’s U.S. Presidential election is turning into a travesty. Gerrymandering in the true sense of the word is NOT any longer a significant factor in U.S. elections, despite the Trump camp’s assertion, without any evidence, that postal voting is open to fraud. Postal votes tend to favor the Democrats so the final election result could hinge on the percentage of postal votes which the Republicans can have disallowed on technicalities. The election looks to be too close to call so a rejection of even a small number of Democrat-leaning postal votes could make Trump victorious, as could voter intimidation and just making voting more difficult for the poorer section of the community by a lack of polling stations without forcing some people to travel enormous distances to vote in person in some Trump favoring and battleground states.
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Stock Market
Commodities Slam into Wall of Election Jitters and Virus Concerns
Ole Hansen, Head of Commodity Strategy at SAXO Markets, takes a deep dive into the commodity sector and the effects it will feel from the election and surging COVID-19 cases. Investors are turning more defensive.

READ HIS ANALYSIS (INCLUDES CHARTS AND GRAPHS) ([link removed])

Stock Market
Gold Futures Speculators Pump Brakes on Bullish Investing
Large precious metals speculators reduced their bullish net positions in the Gold futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial futures contracts of Gold futures, traded by large speculators and hedge funds, totaled a net position of 248,634 contracts in the data reported through Tuesday October 27th. This was a weekly decline of...
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Commentary
Gold Refiner: A High-Risk Profession
When it comes to gold, NGOs in the field deliver a vastly different message to the official statements by stakeholders along the supply chain. The ultimate demonstration came in July with the publication of two reports on the business dealings of Swiss refiners and their suppliers in Dubai, which, the reports allege, source part of their gold from areas controlled by armed groups in Sudan, or from central Africa. In its investigation, Swissaid pinpoints ties between certain Swiss refineries, certified as complying with industry best practice standards, and Emirati companies “with dubious practices and sourcing linked to conflict gold.” Global Witness sets out similar findings in its report. READ MORE ([link removed])
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