It seems that hardly a day goes by just lately without a political bombshell but the last 24 hours have been especially action packed. The US house speaker, Nancy Pelosi announced the enquiry, which will focus on a call between the President and his Ukrainian counterpart in July. While the President has already taken to Twitter to call it a “witch hunt”, markets are understandably rattled – stocks fell on Tuesday after the confirmation, ending the day in negative territory. The news could also have further ramifications as it could impact on trade negotiations with China to end the ongoing tit-for-tat trade war which has already left investors feeling nervous.
Art Hogan, chief market strategist for National explains, “If I’m China and I think the president is going through an impeachment process, I probably sit back before I give in too much at the negotiating table and wait this out. That might cast a shadow over one thing that the market is thinking about.”
Add in to this President Trump’s jibes at China during his UN General Assembly meeting and it’s good news if you’re ready to buy gold now – with so much turmoil sending shockwaves through the market, all of the conditions to support a new bull run appear to be in place. Buy now to capitalise.
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