Gold News: A Month of Decline

Gold News

In the latest gold news: As of December 5, 2016 at 7:59AM EST, gold was trading at $1168.63 per ounce. About a month ago, gold was selling higher at $1302.80 per ounce, the high point just before the US Presidential Elections.  There has been a declining trend in gold prices since Donald Trump was elected president of the United States.

Gold News


The Fed is set to meet this week and with that on investors horizons, the price of gold has continued its decline. The Fed is expected to announce an interest rate hike to take effect in the very near term, as soon as December, which will have investors dumping gold at a rapid rate.

On December 1, the Chinese government took a big step to prevent devaluation of the yuan, restricting the importation of gold. Some Chinese investors are now looking towards BitCoin due to the lack of restrictions and regulations in China regarding the digital currency.

In India, on the heels of a currency ban, there is a fear that the next step will be against wealth as physical gold despite the fact that the finance ministry says that they have done nothing to infringe on gold ownership thus far.  In an online survey, over 63% of the people who responded said that they expect the government to set limits on how much gold one person can own.

In a forecast dated November 2, I Know First’s algorithm showed 100% accuracy with regards to its gold predictions in the month long gold and oil prediction as seen in “Gold Forecast Based on Predictive Statistics: Returns up to 9.08% in 1 Month.” After 30 days, I Know First’s average percent change came out to an impressive 8.78%.

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