Gold News: Rising Value of the Dollar is Bad News for Gold
Gold News
In the latest gold news: As of November 21, 2016 at 8:24AM EST, gold was trading at $1213.55. At approximately this time last week, gold was selling higher at $1224.07 per ounce, although it had dropped markedly in the week prior where it traded at $1290.37.
The value of the dollar has been rising out of fears of inflation and higher interest rates since the election of Donald Trump’s election. The dollar hit its strongest point since 2003 this week. With the government’s release of strong economic data pointing to the strength of the US economy and Janet Yellen’s suggestion a result the potential for an interest rate hike in the near future, investors have been ridding themselves of gold.
After 15 years, researchers in Russia have discovered how to turn a ton of coal into 1g of gold. Their method has been patented and they scientists hope to use their gold making device in 2017.
In a forecast dated October 19, I Know First’s algorithm showed 100% accuracy with regards to its gold predictions in the month long gold prediction as seen in “Gold Prediction Based on AI: Almost 5% Return in 1 Month.” After 30 days, I Know First’s average percent change came out to an impressive 4.89%.