By Matt Smith
Trump’s ascendancy to the top job south of border was supposed to be good for gold, but since he unveiled his expansionary economic policies, the yellow metal has been in terminal decline, giving back almost all of its post-Brexit gains.
In light of the optimistic outlook among analysts and economists for the U.S. economy, Wall Street has been racing to reduce its exposure to gold. Billionaire investor Stanley Druckenmiller dumped all of his gold on the night of the election. This was a contrarian bet given that a Trump win was touted as being good for gold.
Despite the optimism with which Trump’s economic policies are viewed, the purported demise of gold appears overdone.