Weekly Market Report

By the end of 2016, 1.6 billion people will likely have a new gold investment standard for the first time in modern history . . . .

Last week, after it appeared that Donald Trump would become our next president, precious metal trading was definitely extraordinary. In early Asian trading Wednesday morning, Gold reached a high of $1,355 per ounce, an $80.50 increase over the New York close  . . . .

Gold futures dropped Friday to mark their lowest finish since June, as strength in the U.S. dollar and equities this week, and growing expectations for a Federal Reserve interest-rate increase next month, fueled the largest weekly decline in more than three years . . . .

Last Friday Gold closed at $1,304.50 per ounce, up $27.70 on very active trading volume. Much of the increase in the Gold price is credited to the rise of Donald Trump in the presidential polls. However, many precious metal analysts believe regardless of who becomes our next President, the big winner will be Gold  . . . .

Gold investing has traditionally been fraught with challenges for Islamic institutional and individual investors. Now the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has joined forces with the World Gold Council to create a new Shari’ah Standard for gold . . . .

Gold is on course to head as high as $1,500 per ounce, according to a technical analyst, who says the current environment will disrupt the usual inverse relationship between the U.S. dollar and the precious metal . . . .

Gold closed last Friday at $1,276.80 per ounce, up $9.10 per ounce, but that certainly wasn’t the entire story for the week. It’s important to recap the Gold price action, and the reasons for this action  . . . .

One major international global asset management firm says conditions are perfect for gold prices, comparing the market to a potential wildfire that is just waiting for the right spark . . . .

It appears that after the October $65 selloff, Gold bottomed out at $1,246.90 on Friday Oct 14th. During last week, Gold traded above the important $1,270 resistance level twice  . . . .

October 2016 CoinStats is now available . . . .