Gold prices have plunged since Donald Trump’s clear win in the US election, losing 9.0% at the lowest point on Thursday in US Dollar terms from Halloween’s all-time high, making the fastest 2-week drop since the Covid Crash of March 2020.
Rather than buying this dip, users of BullionVault – the precious-metals platform now caring for $4.8bn of gold, silver, platinum and palladium for 110,000 users worldwide (£3.8bn, €4.6bn) – have continued to sell more gold than they buy as a group, liquidating 0.1 tonnes so far in November after liquidating 0.3 tonnes across October.
Commenting on these moves, BullionVault director of research Adrian Ash comments:
“While gold loves uncertainty, the clarity of Trump’s red sweep is currently overwhelming the volatility his second term is certain to bring in due course.
“After selling the top, gold investors are now selling the drop. Profit-taking remains the key driver, because gold’s steep fall still leaves prices at what were new record highs only a few weeks ago.
“The heaviest gold selling on BullionVault so far in November has come among investors who began buying gold during or after the Covid pandemic, most especially those who started earlier this year. Longer-term investors are sitting on longer-term gains, and they’re choosing to hold or add more.”
See the live gold price here:
See the live gold price here
