On the evening of the 7th of November, 2016, as election results were coming in from across the United States, it became apparent that Donald Trump could win the presidency of the country.
The Drudge Report, a news aggregator that has become a blatantly pro-Trump propaganda site of late, ran in its top of page banner the headline, "Gold Spikes As Trump Leads" or some such click-bait. I didn't click, because I was more interested in learning who was going to be my next president than in following what I assumed was a momentary uptick in the price of precious metals.
But the headline stuck with me for days. And I thought I would just check the story. After all, the implication was that Donald Trump's presumed victory was disturbing global equities markets so badly that capital was fleeing to the 'safe haven' of gold.
To the contrary, it appears that markets settled down and returned to their previously lackadaisical performance, and gold continued its long, slow retreat.
Here are the actual spot prices for gold in the days following the election, November 8th - 15th.
And, just in case we think that the gold market's spike was followed by an almost instantaneous correction on the morning after, here is a chart showing the price of gold in the 3 weeks leading up to the election, and the week following.
So, what do we see? Thanks to goldline.com, we know that the Drudge Report, once a reputable source of real news, has become just one more deceptive media outlet with a political agenda.
Gold had begun a sharp slide well before the election, which continued during and after the election. The price of gold today is right about where it was in early 2016, before any debates or primaries or elections took place.
The Drudge Report, a news aggregator that has become a blatantly pro-Trump propaganda site of late, ran in its top of page banner the headline, "Gold Spikes As Trump Leads" or some such click-bait. I didn't click, because I was more interested in learning who was going to be my next president than in following what I assumed was a momentary uptick in the price of precious metals.
But the headline stuck with me for days. And I thought I would just check the story. After all, the implication was that Donald Trump's presumed victory was disturbing global equities markets so badly that capital was fleeing to the 'safe haven' of gold.
To the contrary, it appears that markets settled down and returned to their previously lackadaisical performance, and gold continued its long, slow retreat.
Here are the actual spot prices for gold in the days following the election, November 8th - 15th.
And, just in case we think that the gold market's spike was followed by an almost instantaneous correction on the morning after, here is a chart showing the price of gold in the 3 weeks leading up to the election, and the week following.
So, what do we see? Thanks to goldline.com, we know that the Drudge Report, once a reputable source of real news, has become just one more deceptive media outlet with a political agenda.
Gold had begun a sharp slide well before the election, which continued during and after the election. The price of gold today is right about where it was in early 2016, before any debates or primaries or elections took place.
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