The new president of the United States has been speculated to win the presidency after a truly spectacular race. Although not officially confirmed, Joe Biden has beaten Donald Trump by achieving the 270 electoral college vote threshold needed to become the 46th American president. We take a look at what effect this has had on gold and silver prices.
Biden won by more than 4 million votes, performing strongly in key areas that voted for Trump in 2016, particularly in the states of Wisconsin, Michigan and Pennsylvania.
“I understand the disappointment tonight. I’ve lost a couple of times myself. But now, let’s give each other a chance,” Biden said. “This is the time to heal in America.”
At the age of 78, Mr Biden will be the oldest president in American history.
What has this done to precious metal prices?
U.S. Presidency Affect on Gold Prices
U.S. Presidency Affect on Silver Prices
Silver prices rose by £1.22 in the week leading up to the announcement. There were a few ups and downs throughout the week but spot prices elevated from £18.28 at end of the market close the week to £19.50 an ounce at the end of the following week.