Investors were in part relieved that the presidential election resulted in a clear winner. Many investors also bought stocks on optimism about potential deregulation and tax cuts under a Trump administration. That burst of positive sentiment helped trigger a selloff in safe-haven assets, including precious metals.

The knee-jerk reaction of metals traders to the election results doesn't come as too much of a surprise. For now, it's just a reaction and not necessarily a major trend change.

What was surprising about the election results – at least to most media pundits and pollsters – was the magnitude of Trump's victory. Few thought he would sweep through every battleground state or capture an outright majority of the popular vote.

In his victory speech, Trump claimed a powerful mandate from the public to implement his Make America Great Again agenda. At the top of his to-do list is securing the border and deporting illegal immigrants. Also big on the Trump agenda is bringing down inflation, providing tax relief, and lifting regulatory burdens.

Trump may be able to get many things done at the administrative level through executive orders. Other priorities will require legislation from Congress or approval from the Senate.

He will have the benefit of being able to lean on a Republican-controlled Congress, albeit with what looks to be a very slim majority. In the Senate, Republicans will have a 53 to 47 majority.

GOP Senate candidates in battleground states performed better than expected. In Pennsylvania, David McCormick scored an upset victory over incumbent Democrat Bob Casey.

That victory could prove to be extremely important. Although it wasn't needed to secure GOP control of the Upper Chamber, a smaller majority would have enabled one or two anti-Trump Republicans to function as obstructionists — much like the late Senator John McCain did during Trump's first term.