PRLog - Oct. 3, 2012 - SAN JOSE, Costa Rica -- The yellow metal gained $3.50 to $1,779.10 per oz in todays trading in New York for December delivery having reached a peak at $1,784.
Damien Pfeiffer, a Senior Broker at Accredited FX in Costa Rica believes there to be a strong connection between the presidential race and future price of gold.
"If Romney wins, he has made it his clear intention to replace Ben Bernanke whereas Obama will let the chief of the Fed stay on until the end of his current term in 2014 at least."
He goes on to say "We want Obama to win as far as the gold price is concerned and he is ahead in the opinion polls and much better equipped to excel in the upcoming presidential debates than his challenger."
Jobs Numbers Don't Matter Anymore
The monthly employment numbers added 162,000 last month coming in almost 22,000 higher than predicted. This number has been highly relevant in the past due to the Fed using it as a benchmark for the level of new quantitative easing programs but after the Fed's commitment to $40 billion in mortgage-backed securities, it is expected that this number will be much less important as an influence on the gold price than it has been in the past.
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