U.S equities have had their worst week since March. All three major indexes closed substantially lower on the week, in which the Dow Jones industrial average lost 1690 points. The selloff was largely attributed to the overwhelming concern about the rise in new coronavirus infections, taking the pandemic into a second or third wave. Selling pressure in U.S.

Today the U.S. Bureau of Economic Analysis (BEA) released its latest numbers which reflect the 3^rd quarter GDP numbers. According to the BEA the data concluded that the real gross domestic product (GDP) increased at an annual rate of 33.1% in the 3^rd quarter of 2020.

As United States citizens react to the devastating rise of new COVID -19 infections the reaction has taken the U.S. financial markets dramatically lower this week. This deep decline also affected the precious metals complex with all four precious metals traded on the futures markets declining in double digits today.

With the presidential election set to be held one week from today, market participants have realigned their focus to the pandemic which has reached record weekly infections in the U.S. approximately 71,000 new infections per day over the past week. This is the highest infection rate in almost any seven days since the COVID-19 epidemic reached the shores of the United States.

Gold prices remained steady and held their ground in light of sharp declines in equities in the United States. If it was not for dollar strength spot and futures gold pricing would have closed modestly higher on the day.

First of all, I need to start off with a disclaimer. By no way am I endorsing either President Trump or former Vice President Biden in the following article. This is simply an attempt to forecast what market participants might see if Joe Biden is elected as the next president of the United States.

In this headline driven market, sentiment can easily overreact to any news story that talks about perceived optimism, or pessimism. In regards to whether or not the United States government will be able to pass fiscal stimulus legislation prior to the presidential election on November 3^rd, and traders are hanging on each and every changing headline.

On Monday Speaker of the House Nancy Pelosi said that there is only a 48-hour window to come to an agreement, or understanding, to wright and pass a fiscal stimulus bill before the presidential election which is now less than two weeks away. Yesterday House Speaker Pelosi said that she “is hopeful for a stimulus agreement this week”.

Although the House, Senate and White House are working feverishly to come to an agreement and pass fiscal stimulus bill before the election, it seems that the differences are split three ways.

Although the White House is “cautiously optimistic” that they can reach a watered-down fiscal stimulus deal with the Congress before the presidential election, time is quickly running out. According to speaker of the House Nancy Pelosi a deal must be reached within the next 48 hours if any stimulus package is to be enacted prior to the presidential election.