Contact us
CALL US NOW 1-888-GOLD-160
(1-888-465-3160)

Market Shakeups for Gold and Silver Prices for 2016

  by    0   0

The prices of gold and silver are always moving, influenced by factors such as current events, market speculation, currency fluctuations, and supply and demand. In 2016, there were several events that influenced the highs and lows of the gold and silver market. For investors, staying on top of these fluctuating prices is crucial to financial success. Here are some of the events that affected the market the most:

map of the UK with the word brexit

Brexit

The British EU Referendum results were announced on Friday, June 24, 2016, and pushed gold to a 2-year-high. After the announcement that the UK would exit the EU, the price of gold climbed 4.7% to $1,316.05 an ounce by 11 a.m. in London. In the US, the price of gold rose by 8.2% to $1,358.2 an ounce before settling around $1,325 per ounce.

Silver increased from $17.36 to $17.85 immediately following the vote jumped to $20.40 by July 4, 2016.

clinton trump and the Federal building

U.S. Presidential Elections

The price of gold has historically dropped during election years, especially in the days leading up to the vote. In 2016, this remained true as the price of the yellow metal suffered its biggest one-day percent loss in five weeks on Monday, November 7, hovering between $1,280-$1,290 per ounce.

For silver, the days surrounding the election remained consistently around $18.75-$18.86, but the price fell on November 14 to $16.97 and remained in the low $17s and high $16s for the remainder of 2016.

dollar bill

Currency Values

When the dollar is weak, gold demand rises and the price increases, and vice versa. In 2016, low-interest rates in the US, UK and Asia have made currency-based investments like bonds and treasuries less appealing to investors. Thus, increasing the demand for gold.

Understanding what affects gold and silver prices and how to react is critical to buying gold and silver . Download Peter Schiff and Mike Maloney’s Exclusive 5-Year Gold Outlook to hear expert forecasts for gold from today till 2020 and learn how to expertly time your precious metal purchases.

 

Get Peter Schiff’s latest gold market analysis ñ click here for a free subscription to his exclusive monthly Gold Videocast.
Interested in learning how to buy gold and buy silver?
Call 1-888-GOLD-160 and speak with a Precious Metals Specialist today!


Related Posts

Arizona Governor Signs Bill to Repeal State Capital Gains Taxes on Gold and Silver

Good news for precious metals investors in Arizona. On Monday, Gov. Doug Ducey signed a bill into law that eliminates states capital gains taxes on gold and silver specie. It tax repeal will not only benefit Arizonans who invest in gold and silver, it will also facilitate their use as currency and undermine the Federal […]

READ MORE →

Moody’s Drops China’s Credit Rating as Debt Piles Up

The US government isn’t the only one piling up debt. We’ve reported on the ticking debt bomb in the US. Apparently, the timer is ticking in China as well. This week, Moody’s downgraded the country’s credit rating from A1 to Aa3, and changed its outlook from stable to negative. It was the first downgrade of […]

READ MORE →

Jim Rickards: Don’t Watch the Circus in D.C., the Real News Is Gold

Over the last few weeks, the media has fixated on whether or not firing FBI director James Comey and allegations of Russian collusion will turn into Donald Trump’s Watergate. But in a recent column, economic analyst Jim Rickards said that really isn’t the most significant thing that‘s happened. While everyone is focused on the Washington […]

READ MORE →

Trump, Watergate and Gold

Could Trump be facing his own Watergate? The president’s firing of FBI director James Comey in the midst of probes into the administration’s possible connections with Russia set off a political firestorm. There has even been talk of impeachment in recent weeks. While at this point, much of the rhetoric spinning around the Beltway is […]

READ MORE →

Everything’s Better in Gold! Even Toilets

Everything is better when it’s dipped in gold! So, how about a $1 million gold toilet? The rapper Birdman has one. He posted a photo of it on Instagram. And that’s just one of the crazy things coated in gold recently highlighted on CNBC’s “The Filthy Rich Guide.” Related

READ MORE →

Comments are closed.