What's Next For Gold After Trump's Victory?

KITCO NEWS - Safe-haven gold (GLD) - Get Report was losing ground to a big rebound in the U.S. stock market after its strong overnight losses. "I wish I could tell you what happens next, but the markets need some time to reflect on the phrase, President Trump," said Kitco Metal's global trading director, Peter Hug  on Wednesday. Throughout the night, markets saw extreme volatility across the board. Gold moved up some $80, from its low print to its high, and the stock market was at one point 800 points limit down, as it became clear that Democratic candidate Hillary Clinton was losing, Hug explained. The focus is now back on the expected Federal Reserve rate hike in December. Hug said that this may put the Fed's rate decision on hold. "Just too much to digest and metals should benefit," he said. December gold was last up $10.00 an ounce at $1,284.50.

This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.