On this post-election Thursday, we have some precious metals news that relates to the ongoing presidential race that is creating plenty of uncertainty right now. The unsettled POTUS results are hurting commodities like gold. Meanwhile, we found a report that looks at how the coronavirus has affected the metals market.

All this and more, so let’s dig in…

Latest News
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Economy
Tight U.S. Election Hurting Commodities Like Gold While Boosting Oil

Gold and copper slumped while oil rose with U.S. equity futures, as tight races in battleground states in the U.S. election raised the prospect of a prolonged wait for the final result. Most commodities were dragged lower as the dollar rallied, with the unexpected closeness of the race sparking risk aversion across financial markets and spurring a flight to the safety of the greenback. President Donald Trump has once again defied polls and predictions, with a better-than-expected showing that appeared to significantly shrink Democrat challenger Joe Biden’s path to victory. The incumbent falsely declared early Wednesday he had won re-election and said he would ask the Supreme Court to intervene. Biden didn’t concede defeat and it looked likely that the final result would not be known for some time.

Stock Market
Coronavirus Brings Unexpected Consequences on Metals Market

The effect of COVID-19 on global metals markets has been profound and far reaching, with numerous unforeseen consequences. The Macquarie Commodities Strategy team describe it as the “most unusual recession we’ve ever seen”. Nevertheless, this has created both challenges and opportunities for investors. Initially, “a lot of people were comparing this to a conventional recession; however it’s been anything but,” say the Macquarie team. “During a conventional recession, all industrial commodities – and even gold – tend to collapse synchronously, but that’s not what we’ve seen here.”

Latest News
Gold Drops While Tight Presidential Election Boosts Dollar

Gold fell 1% on a stronger dollar on Wednesday after the latest voting tallies from the U.S. presidential election showed a tight race, with President Donald Trump winning in Florida and leading in a few other battleground states. Spot gold fell 0.9% to $1,890.99 per ounce by 0750 GMT. U.S. gold futures dropped 1% to $1,891.30 per ounce. “The knee-jerk climb in the dollar index heaped downward pressure on the precious metal,” said FXTM market analyst Han Tan. “With the Blue Wave’s path now obfuscated, a divided Senate threatens to slow any passage of fresh U.S. fiscal stimulus. Such prospects are dampening gold’s ability to push higher for the time being.”

Commentary
Let’s Take a Deep Dive into the Demand for Platinum Jewelry

Jewelry is the second largest demand segment for platinum, accounting historically for between 26 and 35 per cent of total annual platinum demand. Platinum’s rarity and precious metal status has led to strong, long-standing associations with the luxury goods market, especially in western markets and Japan. China is the largest market for platinum jewelry, with a market share of 41 per cent, or 871 oz., in 2019, although this has been on a declining trend since the peak of the market in China in 2013 when demand reached 1,990 oz. Meanwhile, growth in demand for platinum jewelry has come from the US and India, although this has...

International
Hong Kong-Listed Company Caught Up in Gold Scam

A company in Hong Kong is being investigated due to HK$95 million gold scam. Police have arrested six and are searching for a major shareholder. Twenty victims were conned into buying bullion with promise of big returns on their investment. Police have frozen the bank accounts containing HK$3.1 million during this investigation. Three men and three women were detained in a series of raids on Tuesday, while… READ MORE

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