U.S. election this week could kick gold to new highs, no matter what the outcome – by Gabriel Friedman (Financial Post – October 31, 2020)


In the early hours of Wednesday, around 1 a.m. in Vancouver, Randy Smallwood, chief executive of Wheaton Precious Metals Corp., was celebrating a new milestone for his company.

That night, after months of planning, Wheaton finally started trading on the London Stock Exchange and Smallwood was hoping to capitalize on a crush of investor demand for gold and silver in the face of increasing uncertainty, in the form of the global pandemic, a battered economy, growing global trade tensions or a U.S. election that is simply too close to call.

“The biggest catalyst (for gold prices) is going to be the U.S. election,” he predicted in an interview with the Financial Post. “I still think there’s a risk of some serious, serious problems … when that happens I think that’s when you want to be investing in precious metals.”

“It wouldn’t surprise me to see gold kick up to new highs,” he added, a welcome prospect for his company, which provides mining companies with cash for a share of the revenue or gold from their mines, known as streams or royalties.

For the rest of this article: https://financialpost.com/commodities/u-s-election-next-week-could-kick-gold-to-new-highs-no-matter-what-the-outcome?video_autoplay=true