Gold prices are on the decline Tuesday for many reasons. The resiliency of the US dollar combined with concern over likely Federal interest rate increases in the December FOMC meeting, along with a hopeful US economy have gold and silver prices trending downwards.
Early Tuesday morning reports from Federal official, Jeff Lacker, suggesting December rate hikes as necessary and likely significant, in combination with positive reports indicating a thriving labor market caused precious metal prices to hit a 3 month low, not seen since Brexit. Gold fell well below $1300, with a mid-day low of $1269. Silver prices are down, as well, residing below $18 as of Tuesday afternoon.
Speculation on pricing in the near future is just that-speculation. Economists know the upcoming monthly report on the Employment Situation will have an effect on spot price. Additionally, increased spot price volatility resulting from November election uncertainty is possible.
While precious metal ETFs might be fighting market reports, the time is ripe for investors in physical bullion to make a move.
Take advantage of current market prices by adding a Provident Metals 1 oz Gold Bar to your stack!
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