Gold News: Gold Soars Following Fed Meeting

Gold News

In the latest gold news: As of August 1, 2016 at 4:45 AM EST, gold was selling at $1348.62 per ounce, up from $1317.38 per ounce at this time last week. Starting in anticipation of and continuing following “Brexit,” gold had been rallying, but had began to decline out of fear that the Fed would decide to raise interest rates during their July meeting.

Gold News

The Fed’s July policy makers meeting took place on July 26 and 27. At the meeting, the Fed decided to keep interest rates as they are for the time being. This decision sent gold prices soaring because in times of low-interest-rates, gold is a solid investment.

In India, the banks recently came into a lot of gold. 2.95 tonnes to be exact. The government is encouraging Indian civilians to turn over their gold to the banks in return for interest payments. In November 2015, the Indian government instituted its Sovereign Gold Bond program. The program essentially calls for Indians to put their gold in banks and in return the government will pay them interest rates until they withdraw their gold from the banks.

On July 24th, I Know First’s algorithm accurately predicted that gold and silver prices would increase and stocks would have positive returns as seen in “Gold Forecast Based on Predictive Statistics: Returns up to 3.64% in 1 Week.” I Know First’s average percent change came out to an impressive 2.60%.

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