Your trading week in summary: US Elections, precious metals, and more

Precious metals increase despite Covid-19 fears

There were several increases in the prices of precious metals such as gold, silver, platinum and palladium identified during the week. This was despite rising fears as Covid- 19 infections continue to surge in what is said to be the ‘second wave’. Numerous investors have turned their attention to safe-haven assets, as such fears increase due to record-breaking daily cases being recorded in Europe and the US. It is expected that the price on metals may yet see more increases in weeks to come.

US stock markets see several daily gains due to anticipation surrounding US election results

The Dow Jones, S&P 500 and the Nasdaq 100 have seen rises and dips throughout the week, up to several times a day, as votes for the US elections were counted after polls closed on November 3.

EU recovery slower than expected, with full recovery forecasted only for 2022

Due to the emergence and spread of Covid-19, initial lockdowns and secondary restrictions and lockdowns as result of a new wave of infections across Europe, the EU recovery has substantially slowed. It is forecasted that a full recovery will only be achieved by 2022.

Bitcoin mining difficulty decreased by 16%

Bitcoin’s difficulty level has plunged by 16,787 tril to the same level as in June. Along with the increase of Bitcoin’s price during the past few months, it takes less computational power to mine Bitcoin, which has widened the margins for profits substantially.