Gold News: Increasing Political Troubles Push Gold To Year High
Gold News
In the latest gold news: As of August 21 at 12:40pm EST, gold was trading at $1291.61 per ounce, reversing the decline from the previous week. At approximately this time last week, gold was trading at $1280.86 per ounce.
For the first time this year, gold has broken past the psychological barrier of $1300, jumping slightly above the significant price point on Friday before dropping back down. The market has been waiting for this to occur as international political tensions have been on the rise recently. As mentioned last week, the strained relationship between the United States and North Korea have investors relying on the safe-haven of gold as an investment. This has been further emphasized by the recent joint military exercises undertaken between South Korea and America.
Furthermore, this week has shown more fear in the international community in light of the terrorist attacks in Barcelona. While this may have caused more of a speculative jump in gold prices, it highlights an important atmosphere of political fear. This sentiment remains prevalent and is causing the bullion to continue to rally.
In the 7-day gold prediction ending August 16, I Know First’s algorithm based on a stock prediction algorithm showed an impressive 100% accuracy rate, as seen in “Gold and Silver Prediction Based on Pattern Recognition: Returns up to 15.33% in 7 Days.” After a week, I Know First’s average percent change came out to 5.74% with XAG as the top earner, bringing in an impressive 15.33% return to investors.
