Andy Constan: Biden market performance outpaces Trump as commodities and gold gain

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Biden market returns exceed Trump term

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Ivan Andriyenko

27.03.2026

Andy Constan: Biden market performance outpaces Trump as commodities and gold gain — Biden market returns exceed Trump term

Andy Constan highlights recent trends in market performance under former President Trump and President Biden, noting higher volatility and disappointing returns for the Trump term to date.

Constan points out that investors needed to hold commodities and gold during this period and avoid what he describes as the 'Crypto President fiasco,' with BTC down 33%—a decline not fully reflected in the visible data.

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Constan previously discussed rising OAS and increased volatility in U.S. mortgage markets after the effect of $200 billion in GSE MBS purchases diminished, as detailed in an earlier report. He also analyzed long-only asset manager positioning in ES and bond futures, focusing on shifts in notional exposure in a separate article. These observations provide further context to his recent remarks on asset performance trends.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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