Strong performances across most commodities with stocks sharply higher and the dollar lower is “in the realization that the combination of a Biden win and senate majority by the Republicans may remove a great deal of policy uncertainty,” Ole Hansen, head of commodity strategy at Saxo Bank A/S, said in a note.

Eoin Treacy's view

The big question for many individuals at present is how do we insulate ourselves from the trend of massive and continued monetary and fiscal stimulus? The purchasing power of fiat currencies continues to fall and that is helping to inflate the prices of all assets. The answer is increasingly to lock down ownership of physical assets in limited supply now, before the price goes up any further.

Gold rebounded emphatically today to clearly break the downward bias of the last few months. The rally confirms at least near-term support in the region of $1900.

Silver popped back above $25 to test the upper side of the range which has been forming for the last six weeks.

Platinum firmed to retest the $900 area but will need to do more to confirm more than temporary support in the region of the trend mean.

The Xtrackers Physical Rhodium ETC firmed from the psychological $1000 level which coincides with the previous peak.

Aluminium continues to extend its recovery and has clearly broken the more than two-year downtrend.

Bitcoin broke out to new highs and may be in the process of completing an almost 3-year consolidation.