Up until lunch time the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) had been cruising along nicely, posting a reasonably solid 0.4% gain. But all that changed in the blink of an eye when Donald Trump suddenly took the lead in the race to the White House.
Currently the S&P 200 Index is around 3.2% lower as markets across the world sell-off and investors head to safe haven assets. This drove the spot gold price higher by 4% from US$1,272 an ounce to US$1,322 an ounce.
With the majority of shares now deep in negative territory, the gold miners are amongst the only shares making gains today.
So much so the S&P/ASX All Ords Gold (Index: ^AXGD) (ASX: XGD) has surged higher by over 10% as the chart below shows.
If Trump does in fact win the election then some believe the gold price could climb as high as US$2,000 an ounce. But before investors get too excited and pile into the gold miners, it is worth remembering that the same was said about the Brexit. But those gains never eventuated.
At the moment the gold miners making strong gains are as follows:
| Company | +/- |
| Beadell Resources Ltd (ASX: BDR) | 6.8% |
| EVOLUTION FPO (ASX: EVN) | 12.2% |
| Metals X Limited (ASX: MLX) | 8.8% |
| Newcrest Mining Limited (ASX: NCM) | 8.7% |
| Northern Star Resources Ltd (ASX: NST) | 12.6% |
| OceanaGold Corporation (ASX: OGC) | 7.2% |
| Resolute Mining Limited (ASX: RSG) | 6.5% |
| Saracen Mineral Holdings Limited (ASX: SAR) | 12.3% |
| St Barbara Ltd (ASX: SBM) | 8.1% |
Instead of diving into the market and investing in the gold miners, I would suggest investors wait for things to settle and pick up some bargains after the sell off. No doubt there will be many.
