Bad news for Trump ahead of the midterms: it’s still the economy, stupid

AI desk brief

US political commentary aside, the tradeable takeaway is a worsening inflation-and-growth backdrop that could stay supportive for precious metals through higher policy uncertainty and sticky price pressures. The piece cites September US CPI at 3.7%, up from the prior reading, while polling shows 58% of voters and 38% of Republicans now think the economy is worsening, with tariff and geopolitical shocks cited as drivers.

It also highlights pressure points in rural America from higher diesel and fertilizer costs, immigration raids and trade disruption, reinforcing the risk of persistent cost-push inflation. That combination is modestly bullish for gold and, to a lesser extent, silver if it keeps real-rate expectations under pressure and sustains a defensive macro tone.