Rosenberg Research President and Founder David Rosenberg told the Financial Post last week that the upcoming U.S. presidental election could bring uncertainty into the equities markets and, by nature, higher precious metals prices.
“We’re going to wake up on Nov. 6 and probably not know who the president is,” he said. “It looks very tight. The Democrats and Republicans absolutely detest each other like we’ve never seen before — there will be legal challenges and recounts coming.”
He went on to say he expects the upcoming month to be similar to “Gore v. Bush circa 2000 on steroids,” referencing the contested election that ultimately ended when Al Gore conceded the election to George W. Bush.
What happened in 2000?
Gold prices performed well during the contested election between Gore and Bush, with equities prices dropping for about four to six weeks while the uncertainty carried on.
“The dollar went down,” Rosenberg said. “Volatility rose sharply, but gold acted as its usual refuge in a time of instability and gold was a very good place to be.”
He called the potential uncertainty resulting from the election results to be a “primary risk.
“We won’t know who won the day after and it will trigger a flight to safety and voltatility.”
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