Gold prices broke below the $1,900-per-ounce level, testing the previous lows that were reached in late September. They closed the week at $1,879.90 per ounce (see the following chart). Control of the U.S. presidency and Senate will have significant effects on how gold trends through the end of the year. Money Metals Exchange’s Clint Siegner outlined the possible outcomes in a recent article: “The near-term bearish scenario for metals would probably have something in common with 2016. Donald Trump wins and investors feel more confident. … “This time around, however, the election is not likely to put an end to uncertainty. The far left would have to accept a Trump victory without erupting into widespread social unrest, and the fear surrounding COVID would need to subside. … “The bull case for metals lies in continued, or escalating, uncertainty. [Precious metals] investors will be highly motivated should Joe Biden win the election. They will anticipate higher taxes, more economy crushing lockdowns, and even more debt funded bailouts and spending.” Rick Andrews is president of Avant Capital Management.