It’s here. It’s finally here. After the hundreds of rallies, the billions of dollars in ads, the trillions of yard signs, Election Day is finally upon us. Good Lord.
Last night, gold futures (/GC) felt hard, and I began to question once again the sanity of having gone long silver in advance of this most-important-election-of-our-lives.
Silver fell at the same time, but I was impressed at how swiftly it shook off the fall. It seems fairly robust compared to gold right now, and as of right now, it’s up almost a full percentage point, whereas gold futures are up merely 0.22%. Hang in there, my shiny buddy!
Equities are as dead as a doorknob. Here is the /RTY which has barely budged for twenty hours. I suppose no one is willing to do anything until there is some clarity about the political landscape.
One exception is Palantir, the super-secret government-funded data operation. It’s amazing how people pretend to be hung up on security while they applaud the ascent of this behemoth. It has blasted to lifetime highs.
Palantir’s ascent was telegraphed nearly two years ago, when this cute little base was hammered out in late 2022 and early 2023. It’s up nearly 1,000% since then.
In general, though, stocks seem alarmingly sanguine about the risks coming over the next twenty-four hours. The /VX futures have drifted into the teens, completely confident that the balance of 2024 will be daily lifetime highs.
The media is already declaring it could be days, or even weeks, before we know who the President is. Wouldn’t that be a drag? Gone are the days when we’d all turn in late Tuesday night, knowing who the “winner” was (although I’m not sure that’s the perfect world, considering what they’re going to inherit). In the meanwhile, let’s enjoy an appropriate song from Mr. David Byrne.
