Gold set to close with over $38 gain in one big day

Gold and silver prices are sharply jumping up, with gold hitting a four-week high and trading back above $1,700.00 in late-morning US trading Tuesday and even to $1,713.34 at the time of writing versus the pervious closing price at $167548 per ounce on Monday.

Silver hit a more-then-four-month high today. The precious metals are benefitting from heavy short covering in the futures markets, perceived bargain hunting in the cash markets, and even some safe-haven demand as the crypto currency markets are selling off. December gold was last up $34.00 at $1,714.40 and December silver was up $0.601 at $21.53.

Rumors are creeping in the crypto markets regarding one exchange halting withdrawals, and that has apparently spooked all the crypto markets and has helped to boost safe-haven gold and silver.

Gold prices have risen 62% of the time over the six months following midterm U.S. elections, with a median return of 2%, according to a World Gold Council report using data going back to 1970.

Global stock markets were mostly higher overnight. U.S. stock indexes are higher as midday approaches. The US midterm elections on Tuesday are a focus for the marketplace this week. Pollsters are predicting the Democrats will lose the House and may lose the Senate.