Mid Term Election update – precious metal prices little changed so far. - vTomb

Mid Term Election update – precious metal prices little changed so far.

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Today is Wednesday 7th November 2018 and we are reporting briefly on the US Mid Term Election Results.

Firstly we have to say we are producing this video before all of the results are in – however there are sufficient numbers to show that the Republicans have the 51 seats required to hold the Senate while the Democrats have 219 seats which is sufficient (as the threshold is 218) to win the House of Representatives.

What is interesting to note at this time, is that gold prices in US dollar terms stand at $1,231 down just $1 on last week’s close and silver stands at $14.66 down 9 cents on Friday’s close. So far, the election results have had minimal effect.

In sterling terms both gold is down some £17 and silver is down 8 cents but this has more to do with the strengthening of sterling against the dollar for the moment.

That said, of course the question is what is going to happen to prices from here. Well the equity markets are acting cautiously with the Dow, S&P and Nasdaq all up yesterday and the FTSE 100 index up this morning – so equity markets are unperturbed.

Of course, they are waiting to hear the news from the FED tomorrow afternoon and will take a little time to digest todays news. We shall report later in the week on this as we do see some moves ahead even though the immediate reaction is subdued.

Also we shall be announcing later today if not the winner of our Competition – Guess the House of Representatives vote result.

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