Gold Rallies on Weak US Dollar as Voting Continues

Gold bull run

It’s been over 72 hours since Election Day and Americans are still left without knowing who the 46th president will be.

The way the poll closing and ballot counting began on the East Coast gave many American’s a false hope that we would soon be told who our next president would be.

However, as time elapsed well into the morning hours on Wednesday, the number of poll counts came to a halt.

Former Vice President Biden addressed the nation around 12:42 am, stating that everyone’s patience was commendable and believed he was on track to winning the presidency.

Shortly after that, Trump released a tweet announcing that he would soon present a speech himself. Around 2:30 am, just a few short hours after Biden’s address, Trump took to the stage, sharing his beliefs on his positive performance until certain “slowdowns” occurred in the ballot counting process and declared victory.

President Trump vocalized his concerns about how multiple counties and states were processing and recording the ballots.

He then declared going to the Supreme Court to stop ‘voter fraud’ over uncounted mail-in ballots and quickly proceeded to pursue lawsuits in three states shortly after.

Needless to say, almost immediately after ending his speech, President Trump became the talking point of news channels and media feeds everywhere. And just as quickly, so did some of his supporters as they swarmed the polls to protest against the alleged corruption.

All the commotion and confusion of the election unsurprisingly made a swift impact on the US dollar. The dollar has been weakening and if Trump loses to Joe Biden, it’s expected to fall even lower.

Many fear that its performance will continue to weaken, especially with the growing presidential controversy only adding to the current turmoil the country is already facing. Goldman Sachs reports that the US dollar could decline as much as 15% by the end of 2023.

But there is one asset whose performance seemed to spike, once again. Gold. Surpassing its all-time high price earlier this year, gold nearly reached $2,100 an ounce. With the recent election news still up in the air, many believe this isn’t just a trend, but that the bull run for gold is just beginning.

Learn how to diversify and protect your wealth and retirement against the upcoming market volatility with assets like gold by calling American Hartford Gold at 800-462-0071.

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