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December 27, 2016

Spot Gold Price 2017 Forecast

by gold-nugget

Spot Gold Price 2017 Forecast

California gold nuggets Spot Gold Price 2017 Forecast

California gold nuggets

As were just days away from the New Year, let’s take a quick look back on out 2016 was for gold investing before we venture a forecast for spot gold 2017.

At the start of 2016, actually for the first half of the year, you would think that the spot gold price was heading for a new high record. Yes, the first half of 2016 saw one of the biggest spot gold price rallies in about 40 years!

Actually on July 21 Forbes published an article predicting that the spot gold price would hit $1500 an ounce! Currently the spot gold prices trading around $1,130 an ounce. Another gold bullish forecaster in Bloomberg, on September 20 was looking for the spot gold price the hit $1900 an ounce!

But, the second half of 2016 saw major reversal in the spot gold price as the dollar gained strength. Now spot gold price is headed for one of its longest continuous declines in almost a year. It looks like this week will mark the seventh straight week for declines in the precious metal. ETF’s or exchange traded funds that hold gold, have been down continuously for almost 30 straight days in a row. Actually, holdings in these gold exchange traded funds was down approximately 3.9 tons marking their biggest losses since 2004.

gold nuggets for sale Spot Gold Price 2017 Forecast

Because gold seems to gain strength on uncertainty and weakness in the dollar, after the presidential elections and the recent Federal Reserve interest rate hike, gold continued its decline. Plus, with the announcement by the Federal Reserve that they will have at least three more interest rate hikes in 2017, seems to ensure that the spot gold price would continue to fall and remain weak in the face of rising interest rates and a hopeful sign that the economy in the United States and the dollar itself would continue to build strength.

Well, if you read this far you probably picked up on what I’m going to say in my forecast for the 2017 spot gold price. With the very bullish outlook because of the Trump affect, in the stock market and the US economy, I personally think that the spot gold price in 2017 can drop below $1000 an ounce!

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Spot Gold Price 2017 Forecast

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