Commodities have surged in the aftermath of the United States midterm elections. The gold price is up $16.25 to $632 an ounce, the platinum price $50 an ounce higher to $1,203 an ounce, and the oil price is up 2.6% to $61.12 a barrel. The Bank of England raising interest rates in the UK to 5%, the highest level seen in five years, with signs there will be another hike in the new year, signaling that inflationary pressure is rising.

John Stopford from Investec Asset Management in London Recently Commented  about the Bank of England interest rate hike on Classic Business Day radio in the UK:

LINDSAY WILLIAMS: So at 5% that’s the end of it now. What about the ECB? Does it automatically follow with the Bank of England doing this that the ECB will do something?

JOHN STOPFORD: The ECB I think are almost certain to raise rates again next month - there’s not really much to stop them. They’re at an earlier stage in the rate cycle than the UK anyway.

LINDSAY WILLIAMS: So that should be the end of the tightening cycle, but maybe one more from the ECB. If the US starts to think about cutting - whether it be the end of this year, or if they’re going to leave it until the first quarter of next year - what implications do you think this has for the currency and equities markets?

JOHN STOPFORD: If we’re really at the top of rates - unless it’s the beginning of a significant economic slowdown - I guess equity markets will take some positives from that. In terms of currencies the dollar has lost some of its shine in recent times I think on the back of softness in US rate expectations - at the moment the currencies are very messy trying to decide if this is the top in rates, or if this just a soft patch and ultimately rates may go higher next year or the year after.

John Stopford suggestes that this may be the beginning of a significant economic slowdown: Which he says “equity markets will take some positives”; such as increases in the cost of equities such as gold, platinum and oil.

It is uncertain whether the elections have signaled a larger more signifcant economic slowdown, or if, as John Stopford puts it: “if this is the top in rates, or if this just a soft patch and ultimately rates may go higher next year or the year after”

Certainly higher interest rates will have a bullish effect on Gold and commodity prices in general, it is yet to be seen what the United States Federal Reserve decides in their next meeting, whether or not to cut rates into the next year on an already weakened dollar, and whether that will provide enough momentum to prevent a looming recession.
 

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