Friday has finally arrived after a tumultuous week dominated by the election.

Of course, that election does affect the market and precious metals prices, so we have some news today you don’t want to miss, such as what a Biden will could bring to your investments. Today also has quite a bit of international news, as several interesting stories are happening around the globe, including a fake gold scam in China, Turkey’s new gold rush, and Russia’s top gold dealer.

Let’s dig in...

Latest News
Prospects of Biden Win Weaken Dollar While Bouncing Gold

Gold jumped to a two-week high on Thursday as the dollar slipped, with investors betting on the likelihood of bigger economic support measures as Democrat Joe Biden inched closer to the Oval Office in the U.S. election. Spot gold was up 0.9% at $1,919.61 per ounce by 1219 GMT, having earlier scaled its highest peak since Oct. 22 at $1,920.91. U.S. gold futures gained 1.3% to $1,921.30. The dollar index fell to a more than one-week low, making bullion cheaper for those holding other currencies. “A Democrat in the White House would lead to a weakening of the dollar because of the additional spending and the nature of the mandates that he would set,” said StoneX analyst Rhona O’Connell. “The weaker dollar is not necessarily reflecting…”

International
Whistleblower Sheds Lights on Fake Gold Bars Backing Loans in China

The gold industry was shaken when it was discovered that 83 tons of fake gold bars were used to back loans worth 20 billion yuan in China. While Chinese authorities have not said whether the real gold exists or where it is, an insider claims to know what happened.

The Mysterious Chinese Scandal Involving 83 Tons of Fake Gold Bars

International
[VIDEO] Turkey Experiencing New Gold Rush

Around the world, the thirst for gold has been a hallmark of the coronavirus pandemic. Gold prices have been driven to historic highs as parts of the global economy came to a halt, and many investors were looking for safe havens. In Turkey, gold has traditionally been many people's favorite investment. But now households bought record volumes – as they try to protect their savings.

WATCH VIDEO

International
While COVID-19 Continues, Russia’s Top Gold Buyer Betting on Precious Metals

VTB Bank PJSC, Russia’s second-biggest lender, is betting on gold and other precious metals to boost profits this year as investors flock to havens amid the global pandemic. The bank is prioritizing physical gold trading, as well as lending to mining companies and deals with their shares, because they are one of the few sectors to benefit from Covid-19, First Deputy Chairman Yuri Soloviev said in an interview. Gold prices -- which reached a record in August -- and precious metals like palladium and platinum should remain supported on expectations that central banks will pump more money into the global economy to stoke growth, Soloviev said. Demand for havens have kept gold exchange-traded fund holdings near an all-time high. In 2020 alone, the bank’s profit from gold trading exceeded the previous three years combined.

Commentary
Gold-Backed Federal Coin Might Become Reality

Maurice Jackson of Proven and Probable speaks with Andy Schectman of Miles Franklin Precious Metals Investments about the new Bretton Woods movement and the possible transition to a digital currency.

READ INTERVIEW

Economy
[VIDEO] Why is the IMF Talking About a Reset?

There has been a lot of talk about an IMF Reset recently. Andy Schectman joins Arcadia Economics for the physical Silver and Gold update as well as to talk about the Reset. WATCH VIDEO

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