Source: TD Securities
Note: +,- expected price impact from policy
+ Oil
- Silver
- Copper
Repeal of Biden Administration GHG emissions rules, less ambitious transport, power, and energy sector
regulatory standards
+ Oil
+ PGMs
+++ Silver
+++ Copper
Continuity in regulatory action targeting transportation, fuel efficiency standards, power generation, transmission, and energy emissions
++ Gold
++ Oil
Hawkish Iran Policy
+ Oil
Pragmatic on Middle East/Iran
- Oil
Less Pro-Ukraine Policy
+ Oil
Pro-Ukraine Policy
+++ Gold
- Copper
More adversarial relationship with China on trade and security fronts
+ Gold
Tough China Policy
+++ Gold
Deficits to get even higher due to lower taxes and stable spending
++ Gold
Higher Deficits Continue
+ PGMs
- Silver
- Copper
IRA Green Spending Uncertain
- PGMs
++ Silver
+++ Copper
IRA Green Spending Secure
Donald Trump
Republican Win
Potential Policy Outcomes for Commodities
Joe Biden
Democrat Win