Gold and Silver Rally as Dollar Slips After Democrats Take Congress

TLDR Gold rose about 3% to above $4,000 an ounce, and silver gained more than 4% to near $52. The U.S. dollar fell to a one-month low and Treasury yields dropped after Democrats were projected to win Congress. The Kobeissi Letter said the two metals added a combined $1 trillion in market value. Gold is still down more than 6% this year, and silver is down about 26%. Leveraged gold and silver funds jumped in premarket trading, but they reset daily and carry added risk. Gold and silver prices rose on Wednesday as vote counting continued in the U.S. midterm elections. Democrats were projected to win control of the House and the Senate. Several governor’s offices were also projected to turn blue.

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