Moreover, several European elections, including in France and Germany, could favor populist parties and fuel political risk, which some market observers believe could be bullish for the precious metals space, reports Katherine Dunn for the Wall Street Journal.

Also providing further momentum for the precious metals miners space, President-elect Donald Trump tapped Mick Mulvaney, an active gold and gold miner investor, for budget chief, reports Noah Buhayer for Bloomberg.

Mulvaney may have had “an ideological view of what the central banks were doing and, along with many investors, sought out the safety of gold,” Quincy Krosby, a market strategist at Prudential Financial Inc., told Bloomberg. “He wasn’t alone.”

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