Friday 28th October 2016

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Gold hits Record, closes Week over $1,300

Bloomberg reports that gold rose today to an all-time high of US$1,320 an ounce. The gain is attributed to investors seeking “an alternative to a weakening dollar.”

Gold is predicted to go up even further as the Federal Reserve continues to take steps to stimulate the US economy. Commented Adam Klopfenstein of Lind-Waldock, “Gold is not at a top yet, and $1,300, the old resistance level, is now a level of support.”

The price of silver is also reported to have reached a 30 year high of US$22.15 per ounce.

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