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