Posted By | February 7, 2017
On February 2, gold prices hit a three-month peak, closing at $1,219.40/ounce after reaching an intraday high above $1,227. As we’ve always said, gold can move quickly, which is why it pays to buy it throughout the year via dollar-cost averaging. By allocating the same number of dollars each month to the purchase of gold from Augusta™ Precious Metals, you naturally buy more gold when prices are low and less gold when prices are high. Easy peasy.
The current upswing in gold prices is being driven by a weaker dollar, just as President Trump wanted. (Not long ago, he commented that the dollar was too strong.) The gold market really picked up after President Trump put Aussie Prime Minister, Malcom Turnbull, in his place. Prime Minister Turnbull thought he could bully Trump on the refugee question, but President Trump schooled him on the meaning of “America First!” The world is going to have to learn there’s a new sheriff in town, and he may be a lot of things, but he’s nobody’s sweetheart.
Even though President Trump has told everybody to not worry about tough phone calls, some people do. My advice to the worriers is to show some fiber and hold on selling, but instead they are selling off stocks around the world. Naturally, all that cash has to go somewhere, and gold is a favorite destination.
All this comes on the heels of a report in the Guardian that the demand for gold hit a four-year high in 2016, rising 2 percent to 4,309 metric tons. The combination of Brexit and Trump clearly demonstrates the world is changing fast. Political upheaval, which we think was long overdue this time, has always been a powerful catalyst for gold demand. According to Alistair Hewitt, an executive at the World Gold Council, “2016 saw an unprecedented degree of political upheaval, which underpinned huge institutional investor flows into gold.”
Here’s another boost for gold: It seems as though our good friends in India are resuming their love affair with gold jewelry. Reuters reports gold demand by Indian jewelers picked up after they realized their government was not going to cut gold’s import duty.
All this reinforces our message: If you haven’t yet opened a precious metals gold IRA from Augusta Precious Metals, what are you waiting for? We believe all the signs are there for continuing upheaval as President Trump makes good on his promise to drain the swamp. As the swamp drains, you should be accumulating gold in your Augusta™ Gold IRA and taking a nice tax deduction in the process. Don’t forget, you have until April 15 to make 2016 IRA contributions, so contact us today!
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