Russ Mould of A J Bell explains that US markets are strong in the wake of Trump's victory from a sense of relief that Harris didn't win. Trump wants to boost American growth, perhaps using tariffs, while at the same time wanting a weaker dollar. As the world's reserve currency, the strength of the dollar is of massive important. Russ discusses the Triffin Dilemma, which explains why the world needs a weak dollar and a continuing US trade deficit. Gold, he says, weaker on the stronger dollar, will be the ultimate tell.

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