| | Minesite Weekly Roundup 5th - 12th November 2012 | | | Dear Minesite subscriber, So Barack Obama won, gold went up and stock markets went down. So far so good. It was a mixed night then for Glenn Beck, the noted radio and television pundit, who recently parted ways with Fox for being too right wing (yes, too right wing for Fox).
Mr Beck is also a heavy promoter of gold, and as such may now be better off under Obama than he would have been under Romney, given the widely accepted view that there will be more monetary easing than would have been likely under a Romney administration.
To underline that point silver, copper and iron ore were also immediately better off following the election result.
Or to put it another way, after four more years of Obama both the markets and Glenn Beck agree that the US dollar will be worth less.
But then again, Mr Obama has a clear mandate to make it so, having won a total of 332 seats in the electoral college against Mr Romney's 202.
Mr Beck may argue that Obama's mandate is less clear when it comes to the popular vote, which came in at a less conclusive 50:49 in Mr Obama's favour. But as SP Angel, a broker here in the UK points out, winning an election as incumbent in a time of financial crisis is no mean achievement.
The last US President to do that was FDR, and he ended up being so successful that they changed the legislation after he died to limit the amount of times a President could be re-elected. Obama isn't there yet, but if the economy picks up during his second term, as it might, we could well be in for a lengthy Democratic period in control of the White House.
On balance, that will be good for gold. And bad for the blood pressure of right wing talk show hosts. Unless they own gold too. 92nd Minesite Forum Thursday 6th December 2012 | Sponsored By Thursday 6th December 2012 92ND MINESITE FORUM ***NEW VENUE*** The Brewery Chiswell Street London EC1Y 4SD (Nearest stations are Moorgate and Liverpool Street)
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