The short lived gold rally seems to have come to a sudden halt as the FBI announced it will not pursue charges against Hillary Clinton after receiving a second wave of information regarding her illicit use of an unauthorized server for email communications.
With the announcement comes renewed belief in a Clinton victory, as evidenced by recent polls. Economists believe a Clinton victory spells bad news for gold, while a Trump win could send gold prices soaring.
Monday morning metals prices have fallen dramatically, as belief in Republican victory waned. Gold has dropped below $1280, a nearly 2% loss, while silver continues its decline, down 1.8%. Shockingly, palladium prices have soared, up nearly 4% by mid-Monday morning. Increased demand from the automotive industry has bode well for palladium, but election woes have traumatized its sister metals.
Tuesday should bring an interesting flurry of volatility, as election results pour in. Because pre-election day and exit polls have proven themselves an unreliable gauge of voting outcomes, we will likely have to wait until late Tuesday evening to learn who our new Commander- in- Chief will be, causing an unpredictable day in precious metals.