On Monday (November 16), the US dollar index was under pressure to close at around 92.60, the weakness of the US dollar positive gold trend, spot gold just short term rapid rise, and is approaching the important $1,900 an ounce barrier. Uncertainty over the US election continues to support gold prices, with President Donald Trump’s latest tweet saying a “big case” will show the 2020 election is unconstitutional. In addition, a new global epidemic is still serious, it may cause greater pressure on the economy, prompting policymakers to launch more stimulus measures, the gold price therefore boost, the latest outbreak news, Britain’s prime minister, Johnson because of contact will be coronavirus testing positive for the people, is in isolation in self and in April this year Johnson once because of infection will be coronavirus and spent three nights in the intensive care unit.
President Trump has written that the 2020 presidential election is unconstitutional
“Many of the lawsuits filed across the country were filed not by us but by people who witnessed terrible fraud,” President Donald Trump tweeted late On November 15. Our big cases will show that the 2020 election is unconstitutional, and [someone] has done something outrageous to change the election result, [these big cases] will be filed very soon!”
Mr Trump has repeatedly said his chances of re-election were taken from him by Democrats through corrupt votes.
The General Services Agency (GSA) is essentially the federal agency that facilitates post-election transfers of power, and no other federal agency can begin any transition process without GSA’s consent. The bureau has not yet approved the final results, meaning the new President will not be able to go about his business as usual after the election.
Australia’s ABC News noted that the GSA has not given any figures, nor explained where the election is going, nor indicated that the final outcome is clear.
Earlier on Nov 15, US President Donald Trump again claimed the election process was rigged and vowed to continue to challenge the results of the US election.
“He [Biden] won the election because it was rigged,” Trump tweeted at the time. He then wrote: “He only won the election in the eyes of the disinformation media. I can’t admit anything. We have a long way to go. This is a rigged election.”
Lin Wood, a prominent US lawyer, announced on November 7 that she was joining Mr Trump’s team. In response to the election, Wood recently tweeted that there had been massive electoral fraud and a “planned and coordinated conspiracy.” He also accused “CNN, ABC, NBC, CBS, Fox News, The New York Times, The Washington Post, The Atlantic, Mrs. Jones magazine and others of being complicit in the crime, and they’ve been caught.” He also stressed that “the American dream will never be destroyed by the Chinese Communist Party, with whom the United States is at war.”
The British prime minister began to segregate himself
On November 15, local time, it was reported by the British media that British Prime Minister Boris Johnson was in self-quarantine after coming into contact with avirus positive patient with a novel Coronavirus. Downing Street says Johnson is showing no symptoms.
A Downing Street spokesman said: “Mr Johnson is in good condition and has not developed any covid-19 symptoms. He will continue to work in Downing Street, including leading the government’s response to the coVID-19 outbreak, while also complying with the UK’s quarantine rules and implementing self-imposed quarantine measures.”
According to the Guardian, Johnson attended a 35-minute meeting with Conservative MPS on Thursday morning. Lee Anderson, a member of parliament who also attended the meeting, later developed covid-19 symptoms and tested positive. Pictures he posted on Facebook show him meeting With Johnson, but within two metres of each other and without a mask.
Johnson, who was diagnosed with COVID-19 in March, was admitted to the intensive care unit for treatment as his condition deteriorated, recovered and returned to office in late April.
Mr Johnson’s self-imposed isolation will create more difficult times for the British government, which is trying to restore order after a tumultuous week.
In terms of the global epidemic, according to the latest statistics, the cumulative number of confirmed cases of COVID-19 globally has exceeded 54.8 million. Eleven countries — the United States, India, Brazil, France, Russia, Spain, Argentina, The United Kingdom, Colombia, Italy and Mexico — now have more than 1 million cumulative confirmed cases. The United States, Brazil and India are the three countries with more than 100,000 cumulative deaths.
The cumulative number of confirmed COVID-19 cases in the United States exceeded 11.36 million, with more than 135,000 new cases in a single day. The cumulative number of deaths has exceeded 251,000. The spread of the virus accelerated in the United States in the last week. States are reporting rising Numbers of new cases, hospitalizations, and deaths, and are likely to see an even bigger surge after the Thanksgiving holiday.
Most Wall Street analysts and ordinary investors are bullish on gold’s performance this week, according to a Kitco gold survey released On Friday. Seventeen analysts responded to the survey last week. A total of 10 analysts (59%) expect gold prices to rise this week; Meanwhile, one analyst (6%) expects gold prices to fall; Six analysts (35%) are neutral on gold.
Colin Cieszynski, chief market strategist at SIA Wealth Management in Singapore, said he thinks gold will move higher because vaccines won’t change near-term problems. “We still have to get through the winter, which I think means we’re going to see more stimulus, which will be positive for gold,” Cieszynski said.
Phillip Streible, chief market strategist at Blue Line Futures, says he is bullish on gold because coVID-19 infection rates are now rising faster than they were when coVID-19 started. “As the number of confirmed coVID-19 cases has increased, so have expectations of more government stimulus measures,” he said. I think if gold can get back above $1,900, investors will breathe a sigh of relief and we might see some new momentum coming back.”
Jim Wyckoff, senior analyst at Kitco Metals, said: “The novel Coronavirus is wreaking havoc in the US, the uncertainty surrounding it and the potential for more economic havoc in the months ahead all play well with the gold bulls. Everyone was excited about the vaccine, but then the harsh reality set in and it probably wouldn’t be available to the public until late winter or spring, and then… We have to get through some very rough seas.”
Pharmaceutical companies Pfizer and BioNTech SE said last Monday that their coVID-19 vaccines are more than 90 percent effective, based on preliminary trial results.
“The market is worried about a second blockade and restrictions and whether we are in a lame-duck period or with a new President elected, the market has to pass [some] stimulus,” said Eli Tesfaye, senior market strategist at RJO Futures. So the market has to anticipate a potential increase in inflation at some point.”
Gold is seen as a hedge against inflation and currency depreciation that could result from massive stimulus.
In addition to novel Coronavirus concerns, the current political uncertainty in the US is also bullish. Investors are still waiting for the official results of the U.S. presidential election on November 3.