The initial post-election sell-off in gold ran counter to both our and consensus expectations. We think it’s much more about near-term position squaring than a break in our thesis that a Republican sweep of government will likely continue to fuel further upside for gold in 2025 as the debasement trade rumbles on.  Base metals prices have swung dramatically following the election. While there will likely eventually be a good risk/reward set up to add length in base metals again in the coming quarters we don’t think we are there yet and are more cautious on base metals prices over the coming weeks. Following the Trump election victory, Greg Shearer, Head of Base and Precious Metals Research, outlines our outlook for metals from here.

Speaker:

Gregory Shearer, Head of Base and Precious Metal Research

This podcast was recorded on 8, November 2024.

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