Gold Prices Today Climb and Will Head Higher in 2017

With the recent sell-off in the price of gold, some investors may be disappointed or even discouraged. Gold prices today are up slightly, 0.53%, to $1,190 per ounce. Despite today’s gain, the price of gold is still down more than 8% in November.
But those getting discouraged are taking a ‘glass half-empty’ perspective.
Instead, the ‘glass half-full’ view shows an opportunity to buy gold at what is likely to be one of the lowest levels for a long time to come.
Remember, despite the latest weakness, gold is still up by $118 or 11% since the start of this year. And that compares well with other asset classes.
It’s true there are several factors pointing to a possible bearish outlook for gold. But if you examine them closely, they are mostly near term. The long-term drivers are overwhelmingly positive and actually point to much higher gold prices, probably within a matter of months.
Some positive data in the form of upbeat U. S. durable goods orders was likely the latest culprit that pushed gold down last week. But as we peer into the new year, it doesn’t take much to find upcoming events and policies that will almost certainly be very supportive of gold prices in 2017…

This post was published at Examiner on November 28, 2016.