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Gold Is Plunging As Election Fears Subside

Monday, November 7, 2016 12:01
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gold-coin-2From Zacks: On Monday, gold prices are falling, down around 1.79% at midday, as the financial effects of the FBI’s decision on Sunday to stand by its earlier conclusion that no criminal charges should be brought against Democratic presidential candidate Hillary Clinton carry over into the week.

Top gold stocks are down today as well. Harmony Gold (HMYFree Report) is down 8.5%, IAMGOLD Corp. (IAGFree Report) has slumped around 7%, and DRDGOLD Ltd. has fallen 9.8% in late-morning trading.

When FBI Director James Comey reopened the probe into Clinton about her use of a private email server early last week, after new emails were discovered in an investigation into Anthony Weiner, gold prices rose about 2% higher as a result; gold is typically seen as a “safe-haven” in times of uncertainty, whether political or economical.

The reopening of the investigation narrowed Clinton’s comfortable lead over Republican presidential candidate Donald Trump, according to polls, in the pivotal remaining days before November 8.

While gold prices are sliding, stocks, oil, and the dollar are seeing a nice boost today. The S&P 500 is up 1.19%, the Dow 30 is up 1.17%, Nasdaq is up 2.22%, and crude oil is up around 0.78% to $45 a barrel. According to the Wall Street Journal, “Many investors believe a victory for Mrs. Clinton would be more supportive of risky assets such as stocks, at least in the short term, and that a period of market calm following her victory would also help keep the Federal Reserve on track to raise interest rates at its next meeting, propping up the dollar.”

Tomorrow is Election Day, marking the end of a long, bitter battle between Clinton and Trump. While many Americans have already cast their ballots, the rest of the country is getting ready to vote. To find your polling place, just Google “where do I vote” or “polling place,” and the search engine will locate one based on your address.

The SPDR Gold Trust ETF (NYSE:GLD) fell $2.32 (-1.87%) to $122.07 per share in Monday afternoon trading. Year-to-date, the largest fund tied to gold prices has gained 20.27%.


This article is brought to you courtesy of Zacks Research.

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