Bloomberg states "Gold has been the biggest story of this year"
Bloomberg News has pronounced some statements concerning the performance of gold in 2016. What do the experts of Bloomberg have to say?
Read on and get to know their professional opinion!
Gold prices have incredibly increased by almost 360% within the last 16 years. By the end of 1999, one ounce could be purchased for $290, but nowadays, the same quantity of gold costs $1,262.
"Gold has been the biggest story of this year", declared Dan Denbow, a portfolio manager in “USA Precious Metals & Minerals”, when interviewed by Bloomberg.
According to Bloomberg, a well-known financial software, data, and media company, investors have a strong interest in gold, which has managed to attract a total amount of $4.5 billion in the first quarter of 2016. In fact, “SPDR Gold Shares”, the world’s biggest ETF, recognized that as a record-breaking result for all the listed U.S. exchange-traded funds.
What about the performance of gold in 2016?
Since January 2016, the price of an ounce of this precious metal has increased from the initial figure of $1,061 to $1,366 in July, its maximum value until now. Despite the fluctuations associated with the decisions of the Federal Reserve as for the interest rates and the overall economic downturn, gold remains equally steady and profitable.
Back in September, gold prices reached $1,344 per ounce, and then, there was a slight price drop due to a strengthening of the U.S. dollar. However, this lowering of the gold price favored its purchase. As for further forecasts, Barnamas Gan, an economist from the Oversea-Chinese Banking Corporation, predicted gold prices to go up to $1,400 per ounce by the end of 2016.
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