That night, Nov. 5, the winner of the close White House race won’t be known, a UBS strategist said Thursday. But markets can get ready for that.
“This is going to be a close election, so I’m not going to pick a winner on election night.” Kurt Reiman, head of fixed income for the Swiss bank’s top investment office for the Americas, said, “It would make sense to expect something that lasts longer.”
“There may be times when the courts need to recount ballots,” Reiman said at a UBS-hosted roundtable for the media.
The Associated Press and major networks didn’t pick Democratic candidate Joe Biden to beat Republican incumbent Donald Trump in the 2020 White House race until four days after the election.
Reiman also talked about how investors can set themselves up for what is expected to be a very close election between Trump and Kamala Harris, the Democratic nominee for president in 2024.
“A lot of the time, I look for investments that we like anyway and that will do well in that situation.” How would you explain this? We think that gold GC00 -0.52% is a good investment because it is a safe object. “Investors can use it to some extent in their portfolio to lessen portfolio swings,” Reiman said.
“But you should also think about the rush by central banks around the world to cut interest rates and the fact that central banks are diversifying their reserves, which is a more long-term trend,” he said. “That is already helping gold GLD -0.79%, which has already done very well this year.”
