As we at The Daily Economist wrote yesterday, the opportunity for short-term anti-establishment bets in gold, currencies, and the stock markets came to fruition when Donald Trump successfully beat the odds and won the White House early on Wednesday morning.
Starting with his taking of Florida in the early evening, and culminating with his surpassing of 270 electoral votes around 2:30am, global markets treated the Trump victory like a Brexit part two, and gold was definitely a benefactor by rising over 5% at one point.
Gold jumped nearly 5 percent on Wednesday to its strongest in six weeks as investors snapped up safe havens with Republican Donald Trump winning the race for the White House over Democrat Hillary Clinton.
It marked gold's biggest single-day gain since June 24 when it rose as much as 8 percent when Britain decided to leave the European Union. It closed up 4.8 percent that day.
A Trump win, which many see could lead to economic and global uncertainty, may also push the U.S. Federal Reserve to hold off from raising interest rates next month, further burnishing gold's draw, analysts say. - CNBC