Good afternoon
it´s not crazy to have somebody like Trump - it´s amazingly crazy, though, that 40-45% of Americans seem to vote for this p..k! I sincerely hope, that Biden wins - not so much because I think he is great, but to safeguard the last bit of American friendship I can feel! And to protect the little bit, which is left of humanity and political culture in this strange country! I am very far away from being a socialist - but it´s just not right, that the upper 1% have 32 trillion in financial assets, and the lower 50% own 2 trillion! And it´s just not right, that many millions are being starved of the humanitarian minimum in the most developed ( ?? ) country of this world - that is health insurance!
It looks like Biden will win - but it also looks like we will not see a Blue Wave , which is probably the best possible outcome for stock markets! Does that mean Trump will go bust? Does that mean ne will be lokked after by the prosecutor? All of this is well possible - that´s why he is so desperate to clinge to his job!
Equities are through the roof - mainly the FANG´s - base metals have turned from red to slightly positive, bonds are very strong indeed, gold is holding above 1900 ( well, just ) and oil is strong! So there cannot be much more to ask for for an investor! The only thing which is down, is the US$ - good for base metals and gold!
To recapitulate: Biden should be good for everything which is green - and therefore the base metals - i.e. copper and nickel.. The demand for lithium should also be helped. He will try to get a very large spending program going - but without a Blue Wave, he will have to compromise. Still - he should be slightly negative for bonds, but positive for gold. Gold will continue to be a story for the next few years - the world will keep on printing as much as possible !
Have a nice evening - hopefully more micro-stuff tomorrow!
WS