What Obama’s re-election means for gold

‘Patience and fortitude’ is a good mantra for gold, says analyst

November 09, 2012|Myra P. Saefong, MarketWatch

SAN FRANCISCO (MarketWatch) — President Barack Obama’s re-election has given gold investors even more to think about.

Gold futures (US:GCZ2) fell $1 on Wednesday in the wake of the U.S. presidential election. See Wednesday’s story: Gold market mulls dollar, debt woes, Obama.

On Thursday, they bounced back, climbing $12 to settle at $1,726 an ounce but that’s not quite the Obama win-induced rally the market was expecting. Prices are still stuck in the $120 or so trading range they’ve been in since late August.

“The dust is still settling after the U.S. election,” said Ben Traynor, chief economist at BullionVault, a physical gold and silver market for private investors online. “Despite all the hoopla surrounding the election, nothing of substance has changed.”

Read more: http://articles.marketwatch.com/2012-11-09/markets/35002732_1_gold-futures-gold-investors-fiscal-cliff