Welcome to your Wednesday precious metals news from Gold & Silver Central, where we work hard to deliver the latest investment news and commentary.

Today, we have several commentaries from highly respected analysts. One happens to be a famous billionaire who garners a magnitude of respect from investors around the world. When he talks, people listen.

We also have for you a couple of deep dives looking ahead at a Biden presidency and what that would mean to the economy in general and metals prices in particular.

Let’s dig in…

Price
How High Will Gold Prices Go? There is No Way to Know, Says Wells Fargo

The gold market has been stuck in a fairly narrow range for nearly two months, and time is quickly running out if the precious metal is going to see a new high above $2,000 an ounce by year-end. However, one market analyst says that gold's destination is less important than the journey that it is currently on. In a recent interview with Kitco News, John LaForge, head of real asset strategy at Wells Fargo, said that he is maintaining his updated year-end target at $2,100 an ounce; however, he added that time is running out to achieve that goal. Rather than looking at year-end targets, he said that investors should pay attention to the long-term uptrend. LaForge noted that since hitting an all-time high above $2,000 an ounce, gold has managed to hold critical support around $1,850 an ounce. He added that this is an indication of underlying strength in the marketplace.

Commentary
One Guaranteed Economic Outcome for the Next President

Can 2020 possibly get any crazier than it already is? We ask the question because, at the time of this writing, the next president still hasn’t been declared. That said, one thing that does seem clear is that both the House and the Senate are going to end up even “tighter” than in Trump’s first term. This is likely to be true for at least the next four years, even if Republicans don’t gain the House majority. That “tightness” has consequences. Any economic legislation the next president might try to get passed has the potential to suffer from gridlock. And if economic relief bills cannot be passed, that might cause the Fed to get even more involved in supporting the economy. (And we’ve already seen how the last two years of the Fed led by Jerome Powell has gone.)

Commentary
A Biden Presidency Could Weaken the Dollar Further

The U.S. dollar is poised to further weaken, amid market views that geopolitical risks are falling after the election and that the next stimulus package will likely be smaller than expected, according to analysts. Citi Private Bank strategists predicted a weaker dollar ahead, given that a Biden administration would reduce uncertainty in international trade policy. “Victory for President Elect Biden means a return to more conventional governance. As the province of the President, it will result in a major shift in the way foreign policy is conducted. Alliance building will return. ‘Tariff threat first’ negotiating tactics will end,” the bank’s chief investment officer, David Bailin, and Steven Wieting, chief investment strategist and chief economist, wrote in a note published Monday. That will benefit much of the world’s financial markets, especially in emerging markets, they said.

Commentary
Here’s What a Joe Biden Presidency Could Mean for Gold, Oil, Bitcoin, and Global Financial Markets

Joe Biden President-Elect is the projected winner of the 2020 presidential election with his running mate Kamala Harris becoming Vice-President Elect. Despite a deeply divided race and the potential of legal battles to come, the world has warmly welcomed the outcome. But what does it mean for the global stock markets going forward? With the pandemic in full flow and a divided nation, certainty is out of reach, but there are plenty of options on the table to keep us speculating. With President Trump remaining in power for another two months, volatility is likely to continue, particularly with Covid-19 wreaking havoc at the same time.

Commentary
Billionaire Investor Says Bitcoin is a Better Bet than Gold

Stanley Druckenmiller, a billionaire investor who managed George Soros's money back in the 1990s, today sang the praises of Bitcoin. "It could be an asset class that has a lot of attraction as a store of value to both Millennials and to the new West Coast money—and as you know they've got a lot of it," said Druckenmiller. "It's been around for 13 years [actually, 12] and with each passing day it picks up more of its stabilization," he said in an interview with CNBC today.

Commentary
The Bulls Need Gold to Recapture $1887

Gold (XAU/USD) plunged 5% and hit the lowest in six weeks at $1850 in Monday’s trading after COVID-19 vaccine optimism lifted economic recovery hopes and downed stimulus demand. The yellow metal is set to remain at the mercy of risk sentiment and US dollar dynamics, FXStreet’s Dhwani Mehta briefs. READ MORE

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