After Democrats’ comprehensive midterm victory, Saxo Bank commodity strategist
Ole S. Hansen said precious metals are the standout beneficiaries, supported by
a softer dollar and retreating U.S. Treasury yields. Gold and silver have risen;
gold — after a steep downtrend from a late‑January high near $5,600/oz — may be
starting to challenge that trend, Hansen said. October gold briefly dipped below
$4,000/oz but has reclaimed that level, trading around $4,043/oz, up about 3%
overnight; short covering could add further upward momentum. Hansen added that
if markets price Democrats as constraining Trump’s ability to expand fiscal
spending, lower Treasury yields would boost the appeal of non‑yielding assets
such as gold. Silver was up roughly 4% at $52/oz; copper has only edged higher
so far, and Hansen said the likelihood of U.S. tariffs on copper imports has
fallen as Trump’s policy options become more constrained.
