New York | The biggest risk in this year’s US presidential race is that neither candidate is a fiscal hawk who will rein in the deficit and prevent a sovereign debt crisis, says one of the most high-profile Australians on Wall Street, Matthew McLennan.

As the co-head of the global value team and portfolio manager at the $US138 billion ($210 billion) First Eagle Investments, Mr McLennan told The Australian Financial Review that he had increased his position in gold and silver because of fears neither political party will address America’s $US34 trillion debt and spending addiction.