{"id":234283,"date":"2025-11-12T10:30:39","date_gmt":"2025-11-12T15:30:39","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=234283"},"modified":"2025-11-13T03:56:13","modified_gmt":"2025-11-13T08:56:13","slug":"gold-funds-see-record-inflows-as-socialism-comes-to-new-york","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/commodities\/gold-funds-see-record-inflows-as-socialism-comes-to-new-york\/","title":{"rendered":"Gold Funds See Record Inflows as Socialism Comes to New York"},"content":{"rendered":"\n

The problem with socialism is that you eventually run out of other people\u2019s money.<\/em>
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 ~Margaret Thatcher

For more than a century, New York City has stood as the beating heart of global capitalism. That\u2019s why this month\u2019s election of Zohran Mamdani, a self-described Democratic Socialist, as the city\u2019s next mayor has sent shockwaves through America\u2019s business and investing community.
Mamdani, 34, will be the youngest NYC mayor in over a century and the first Muslim to hold the office. Despite having virtually no name recognition as recently as the beginning of the year, he handily defeated none other than former New York governor Andrew Cuomo, a member of the Cuomo political dynasty who was endorsed by President Donald Trump (though one can argue this hurt him more than helped him).
<\/p>\n\n\n\n

Tapping Into the Youth Vote<\/strong><\/h2>\n\n\n\n

Populism has long been associated with the right\u2014think the Trump\/MAGA movement in the U.S. and Brexit in the U.K.
But now, a different kind of populism appears to be cropping up from the left. Mamdani\u2019s progressive messaging\u2014rent freezes, small-business support, a $30 minimum wage\u2014clearly resonated with young, working-class voters. According to\u00a0exit polls,<\/a>\u00a0an unbelievable 78% of New Yorkers under 30 pulled the lever for him, compared to only 18% for Cuomo.
Kevin O\u2019Leary, aka Mr. Wonderful, places a lot of the glory (or blame, depending on your point of view) at the altar of the almighty algorithm,\u00a0writing on LinkedIn<\/a>\u00a0that the mayor-elect \u201cdid a fantastic job of understanding social media.\u201d
I couldn\u2019t agree more. Older voters may roll their eyes at memes and \u201cviral\u201d TikTok videos, but in today\u2019s attention economy, the algorithm has steadily grown in importance to become the be-all and end-all. That\u2019s precisely what compelled Elon Musk to buy Twitter in October 2022, a strategy that I believe helped Trump get reelected.
Many young people have\u00a0voiced mistrust in institutions,<\/a>\u00a0which has prompted them to seek not only candidates who are outside the norm but also decentralized assets such as Bitcoin and stablecoins.
<\/p>\n\n\n\n

Progressive Policies Weigh on Business<\/strong><\/h2>\n\n\n\n

On the surface, much of Mamdani\u2019s policy agenda sounds like a wish list for Main Street. He\u2019s promised to cut city fines and fees for small businesses in half, including the $1,000 registration cost, and to streamline permits and digitize applications.
It\u2019s his more progressive pledges\u2014A $30-an-hour minimum wage by 2030! Free buses and childcare!<\/em>\u2014that have many corporations and taxpayers worried. Payroll is already the largest expense for most small businesses, typically costing them between\u00a015% and 30% of gross revenue.<\/a>
Freezing rents and nationalizing utilities might play well on social media, but these policies, while well-meaning, could have a chilling effect on private investment, construction and more.
As BCA Research\u00a0put it,<\/a>\u00a0\u201cMamdani will struggle to run NYC and implement his agenda of free stuff.\u201d
<\/p>\n\n\n\n

Escape from New York<\/strong><\/h2>\n\n\n\n

Large employers are starting to get nervous. JPMorgan Chase, Goldman Sachs and Citigroup have already moved thousands of workers out of New York to Texas and Florida, where taxes are lower and regulations lighter. I suspect we\u2019ll see more of this as Mamdani\u2019s policies take effect.
Due mainly to taxpayers fleeing high-tax states, the Lone Star State and Sunshine State have\u00a0gained a combined $250 billion<\/a>\u00a0in net adjusted gross income (AGI) in the past decade alone; over the same period, the Empire State has\u00a0lost<\/em>\u00a0$111 billion, according to the National Taxpayers Union Foundation (NTUF).
Meanwhile, the Tax Foundation\u2019s\u00a02026 State Competitiveness Index<\/a>\u00a0ranks New York dead last for business taxes. With top marginal income tax rates approaching 15% when city taxes are included, high earners and corporations have yet another incentive to move elsewhere.
If the trend continues, Mamdani may preside over a smaller, poorer tax base even as he promises more spending. The top 1% of New Yorkers\u00a0pay roughly 40% of the city\u2019s income taxes,<\/a>\u00a0meaning even if a fraction of them leave, the fiscal consequences could be severe.
<\/p>\n\n\n\n

Capitalism in Decline?<\/strong><\/h2>\n\n\n\n

To understand Mamdani\u2019s rise, it\u2019s important to look at young people\u2019s changing views of capitalism and socialism.
A recent Gallup poll found that\u00a0only 54%<\/a>\u00a0of Americans view capitalism favorably, down from 60% a few years ago. Among Democrats, the numbers flip entirely, with more holding a positive view of socialism than capitalism, by 24 points.
\"Americans'
That probably sounds shocking to many readers, but venture capitalist Peter Thiel put it all into context in a\u00a02020 email<\/a>\u00a0that resurfaced after Mamdani\u2019s victory: \u201cWhen one has too much student debt or if housing is too unaffordable, then one will have negative capital for a long time\u2026 and if one has no stake in the capitalist system, then one may well turn against it.\u201d
<\/p>\n\n\n\n

A Red-Letter Quarter for Gold Funds<\/strong><\/h2>\n\n\n\n

For investors, I believe it\u2019s important to keep in mind that government policy is a precursor to change. If businesses and capital continue migrating to low-tax, pro-growth states like Florida, Texas and Tennessee, investors may find opportunities in real estate, infrastructure and municipal bonds.
At the same time, sectors aligned with Mamdani\u2019s Democratic Socialist policies\u2014green energy, affordable housing, public transit\u2014could see new funding streams, even if the broader business climate cools.
I\u2019m confident that markets will adapt. In the meantime, I think it\u2019s particularly prudent to maintain exposure to hard assets such as gold and silver, which investors have historically sought in uncertain times.
Today, that\u2019s no exception. According to Lipper data, gold mining funds in the U.S. saw remarkable flows in the third quarter, collecting some\u00a0$5.4 billion.<\/a>\u00a0That\u2019s the most in a single quarter since December 2009.
All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor. By clicking the links above, you will be directed to a third-party website. U.S. Global Investors does not endorse all information supplied by these websites and is not responsible for their content.<\/em><\/p>\n\n\n\n

—<\/p>\n\n\n\n

Originally Posted on November 10, 2025 – Gold Funds See Record Inflows as Socialism Comes to New York<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

For more than a century, New York City has stood as the beating heart of global capitalism. 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