With Joe Biden the clear winner in the polls following President Trump’s hospitalisation and growing anger at his handling of the pandemic, the Danish Bank Saxo Bank says a Biden victory would be a bonus for gold as it could create a more inflationary environment.

The bank’s head of commodity strategy, Ole Hansen explained, “The argument here is that the Democrats are set to take back the presidency and the Senate, therefore paving the way for a massive multi-trillion stimulus passed in the first one hundred days of a Biden administration, taking U.S. inflation much higher while leaving the Fed policy rate pegged near zero. Investors, asset managers and pension funds are increasingly waking up to the need for tail-end protection against inflation and it has led a continued increase throughout the year to the current record above 111 million ounces [of gold-backed exchange-traded products].” On that basis, Saxo Bank sees gold becoming even more in demand and gaining price following the election.

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