Presidential Election Results Drive Gold And Silver Lower

GOLD

I watched the Asian trading of precious metals and the U.S. Dollar last night as the election results were being reported. As it became clear that Donald Trump was going to be elected president, the U.S. Dollar Index soared, reaching a 3-month high of over 105, and precious metal prices dropped. Gold dropped to $2,700 in Asian trading and quickly rallied $20, then in late London trading Gold dropped below $2,700 and reached a low of $2,651 before seeing bargain buying.

What we are seeing today in the financial markets is funds moving from precious metals into unvalued banks and financial institution stocks. Based on WSJ and NY Times, Trump's policies will drive up our national debt and move the Gold price much higher. Give the markets a few Days to settle down and look at the long term and Gold start moving back to new highs.

At 11am PT today, Gold is trading at $2,666, down $75 on heavy trading volume.

SILVER

The Silver price moved lower today with the entire precious metal sector. Silver reached a low of $30.79 before rallying back above the $31.00 support level on bargain buying.
At 11am PT today, Silver is down $1.37 per ounce, trading at $31.25 on heavy volume.