“Gold’s been on a rise for years now really … so this started way before COVID-19,” said Lobo Tiggre of Independent Speculator.
The gold market has had an eventful two weeks, with the US presidential election and coronavirus vaccine news both impacting the yellow metal’s price.
Speaking to the Investing News Network, Lobo Tiggre, founder and editor of Independent Speculator, said that over the next two months there’s likely to be more turmoil — while the American election has been called by the media for Joe Biden, President Donald Trump has yet to concede.
“Now the question is, ‘What’s going to happen to Mr. Market with two months of nail biting until the decision?’ Because it’s going to be two months until that run-off election in Georgia, and until then — big swings, could go either way,” he explained.
That doesn’t mean Tiggre is overly worried. While he sees “stormy weather” ahead, he encouraged market watchers not to panic — “I don’t think the world’s about to come to an end before January.”
“It was predictable because there was a narrative throughout the year — much of the year, at least since March — that it was the COVID-19 situation that was pushing the fear button and pushing people into gold and silver. I don’t think that’s true at all,” Tiggre explained.
“Gold’s been on a rise for years now really, and on a more marked rise since the Powell pivot in late 2018. So this started way before COVID-19 — and maybe the COVID panic is an extra boost, a tailwind. But the disappearance of the tailwind doesn’t undo the fundamental situation for the market.”
With that in mind, he encouraged concerned investors to keep the bigger picture for gold in mind, emphasizing that it’s not the time to get out of the market.
Watch the video above for more from Tiggre on gold, uranium and what a Biden presidency could mean for the mining sector as a whole.
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Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.