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Wednesday's (Nov 7, 2012) AM fix was USD 1,730.50, EUR 1,345.86, and GBP 1,080.75 per ounce.
Tuesday's (Nov 6, 2012) AM fix was USD 1,691.75, EUR 1,321.58, and GBP 1,058.80 per ounce.

Silver is trading at $32.01/oz, €25.18/oz and £20.12/oz. Platinum is trading at $1,559.50/oz, palladium at $614.00/oz and rhodium at $1,120/oz.

Gold soared $32.10 or 1.91% in New York yesterday and closed at $1,716.20. Silver surged to a high of $32.25 and finished with a gain of 2.76%.

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Gold fell slightly in Asia prior to eking out further gains and rising above $1,730/oz in early European trading after President Obama was confirmed as the next President of the U.S.A.

Obama's election means that quantitative easing, ultra loose monetary policies and currency debasement are set to continue in the world's number one economy which is bullish for gold - and indeed silver.

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The scale of the economic, fiscal and monetary challenges in the U.S. are so great that whether Obama or Romney was elected, gold and silver were set to continue in their bull markets.

However, some market participants believe that Romney would have been more conservative - fiscally and monetarily.

Romney may have talked a good game rhetorically, but there may not have been a whole lot of difference in the fiscal and monetary approaches of both men, and any differences would likely be a matter of degree.

U.S. and global economic data suggests that we are on the brink of a severe global recession and or Depression, and there is a real sense of rearranging the chairs on the Titanic about the U.S. election.

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US Consumer Credit numbers for September are released at 2000 GMT and expected at $10.6 billion.

Eurozone contagion risk remains real as seen in both Spain and Greece. The general strike continues in Greece as MPs debate and are set to vote on the 13.5 billion euro austerity plan.

November ushers in the festival season in India with Diwali, and during this time, many weddings are planned. Physical buying in Asia is expected to pick up due to the consumer demand in India and as China again begins to stock up for Christmas and the Chinese New Year.

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Investors should prepare for rising prices and more expansionary monetary policy now that President Barack Obama has won re-election, investor Jim Rogers told CNBC on news of the election. The co-founder with George Soros of the Quantum Fund said he expected Obama's policies to drive up commodities and drive down the U.S. dollar.

As the Federal Reserve moves to 'stimulate' a stalled economy through debt purchases, Rogers says markets should expect the status quo.

If Obama wins, it's going to be more inflation, more money printing, more debt, more spending."

Rogers told CNBC, saying he expected to sell U.S. government debt and buy precious metals, such as silver and gold.

It's not going to be good for you me or anybody else. It looks to me like the money printing is going to run amok now, and spending is going to run amok now. I have to invest based on what's happening and not what I would like.

Rogers said that he didn't vote for either Romney or Obama, saying that:

They're both evil as far as I'm concerned.

With the re-election of Obama, absolutely nothing has changed, and we are likely to see precious metals perform as they did in Obama's first term - gold rose 136% and silver 223% (see chart and table). Much of those gains were seen in the first 2 months, November and December 2008, after Obama was elected and prior to him taking office, and we may see that again, given the strong seasonal factors and very strong fundamentals today.

With regard to the economy, Obama is strong on hope which he has yet to deliver.

As ever, we believe we should hope for the best, but be prepared for less benign scenarios.

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Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.