ITM Trading, Released on 11/7/24

Gold prices took a hit today, but Jim Rickards believes the sell-off is temporary. “Gold is being driven by factors that are bigger than Trump,” said Rickards, New York Times bestselling author, adding that while this recent dip may be short-lived, he expects gold to strengthen significantly over time. On Bitcoin’s rise, Rickards attributed it partly to Trump’s appeal to various groups, including younger, crypto-enthusiastic voters. Although Rickards remains neutral on crypto as an investment, he noted that Trump’s pro-crypto stance could benefit the industry. He also mentioned that the Fed’s meeting tomorrow is unlikely to be influenced by the election results, viewing the ongoing rate cuts as a reaction to economic slowdown rather than true stimulus.

00:00 2024 presidential election
2:59 Sectors benefiting from Trump win
6:36 Bitcoin’s performance
7:49 Gold sell-offs
9:26 Fed
12:58 MoneyGPT
13:46 Main message from Trump’s victory

Jim Rickards is a lawyer, investment banker and economist with over thirty years’ experience in capital markets. He is currently Chief Global Strategist at Meraglim. He advises the Department of Defense, the U.S. intelligence community, and major hedge funds on global finance, and served as a facilitator of the first ever financial war games conducted by the Pentagon. A frequent guest on financial news programs, Rickards is also the author of The New York Times bestselling novels Currency Wars: The Making of the Next Global Crisis and The Death of Money. His latest book is MoneyGPT: AI and the Threat to the Global Economy.

  bitcoin, economy, gold, investing, markets, Trump