In 2016, Donald Trump entered the election as the underdog against Hillary Clinton. The expectation was that if he managed an unlikely victory, gold prices would surge due to his potential to disrupt the establishment and implement foreign policy changes that, at the time, appeared at odds with the status quo of the Obama administration.

However, the opposite occurred. Trump’s surprise victory seemed to bring comfort to his voter base, which includes wealthier conservative investors, many of whom invest in gold and silver. With their candidate in power, demand for gold as a hedge declined, and the phones went quiet throughout the industry.

Conditions in 2024 are markedly different, but it would be prudent to monitor how gold and silver respond to this election’s outcome, given the industry’s experience in 2016.

If Kamala Harris wins, it’s likely that wealthy investors will continue accumulating gold and silver in substantial quantities, driven by concerns over potential tax increases on the wealthy and less favorable fiscal policies, in their view.

Regardless of today’s 2024 election outcome, some civil unrest in America seems likely in the coming months. The impact of this unrest on the broader world remains uncertain, but it will probably contribute to increased market volatility.

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