Gold in the 2024 Election: Which Candidate Will Cause Gold to Skyrocket?

Which Candidate is More Bullish for Gold?

If you’re wondering which presidential candidate would be more bullish for gold, the answer is a no-brainer: Kamala Harris.

If Harris ascends to the presidency, expect more of the policies that are driving the current rise in gold. Her administration would likely continue a cascade of spending, regulation, and high taxation that’s already weighing on the U.S. economy. Poor capital allocation, disastrous fiscal policies, and regulatory burdens are a perfect formula for stagflation—an environment in which gold traditionally thrives.

But beyond domestic policy, an often-overlooked catalyst for gold prices is U.S. foreign policy. Under the Biden-Harris administration, global stability has deteriorated significantly. Geopolitical tension has surged, as major world players realign into opposing blocs in ways reminiscent of pre-World War II. Nations worldwide are questioning the safety of holding assets denominated in U.S. dollars, and it’s no wonder: the U.S. has increasingly weaponized the dollar as a tool of political pressure.

Weaponization of the Dollar: Gold’s Bullish Spark

In response to Russia’s invasion of Ukraine in 2022, the Biden administration seized Russian central bank assets, setting off alarm bells around the world. Leaders are now asking themselves, “If the U.S. can freeze Russian reserves, what’s to stop them from doing the same to us?” The result? Countries, particularly in the BRICS coalition, are actively de-dollarizing their trade relationships, with Russia spearheading these efforts. While sanctions were intended to damage Russia’s economy, they’ve instead pushed Russia and its allies to reduce dependence on the dollar.

This dollar weaponization has inadvertently fueled a bull market in gold. Central banks around the globe are shifting reserves out of U.S. Treasuries and into gold—a response to the looming risks of holding dollar-denominated assets. With each new sanction, with every politically motivated asset freeze, trust in the dollar as the global reserve currency wanes, and gold gains appeal.

Trump: A Different Path for the Dollar

Former President Donald Trump has a very different outlook on sanctions and dollar policy. During a recent discussion at the Economic Club in New York, he made it clear: overusing sanctions risks eroding the dollar’s value and global standing. Trump noted that the dollar’s loss as the world’s reserve currency would be as catastrophic as losing a major war, possibly even pushing the U.S. into economic decline.

This is no exaggeration. Trump understands the critical position the dollar holds. If reelected, he pledges to dial back the weaponization of the dollar and reduce sanctions. This approach could at least slow the global move away from the dollar, helping to stabilize its role in international markets.

The Path Forward for Gold and the Dollar

No matter who occupies the White House, gold’s outlook remains solid. Global debts are at unprecedented levels, deficits are skyrocketing, and the consequences of years of fiscal mismanagement can’t be avoided forever. Gold, as always, serves as a safeguard, a hedge against economic crisis.

Yet the path the next president takes will determine just how severe this crisis becomes. A wise leader would rein in the aggressive use of the dollar as a tool of foreign policy, cool off military posturing, and attempt to stabilize international relationships. Unfortunately, under the Biden-Harris administration, the U.S. has moved in the opposite direction, escalating tensions without an end in sight. As policies push closer toward economic brinkmanship, the risk of outright disaster grows—and with it, the demand for gold.

Under President Harris, a Gold Bull Market We’d Rather Avoid

A Harris presidency would likely bring a bull market for gold. But let’s be clear: this would be the type of gold boom fueled by skyrocketing inflation, dollar devaluation, and global conflict. It would come at the cost of a severely weakened U.S. economy. The pressures on the dollar would mount, and we could witness a stagflationary environment that threatens Americans’ quality of life.

In short, while a President Harris might be “good” for gold prices, it would be at the expense of nearly every other pillar of economic stability in the United States. This isn’t the kind of gold rally anyone should hope for.

Gold’s True Role: Wealth Preservation

Gold isn’t meant to make you rich; it’s meant to keep you solvent when the rest of the system fails. No matter who takes office, we are on a path toward further dollar erosion, political turmoil, and economic instability. Gold will play its part as a fortress for wealth preservation, holding its value when other assets falter.

If you haven’t yet fortified your portfolio with gold, now is the time. Protecting your wealth from potential bank failures, currency devaluation, and mounting crises has never been more critical. To learn more about securing your financial future, download my free ebook, 7 Steps to Protect Your Account from Bank Failure, and consider joining my Inner Circle for exclusive insights and strategies.