Certified Gold at 3-Week Peak Posted by James Randolph on January 09, 2014
Certified gold prices rose sharply Monday morning as investors shook off any sluggishness that remained from the holiday season. Armed with fresh data investors bought gold heavily based on technical factors and pushed the gold spot price up to the $1240 per ounce range. Certified gold coin prices responded with $10-$15 gains, depending on the coin.
Certified gold coins and gold bullion are looking to rebound from a 2010 fiscal year that saw gold fall repeatedly. Steep drops in April, June and throughout the winter forced gold down some 26% in just 365 days. Gold turned in its worst annual performance in over 30 years in 2012 and investors are hopeful that upward spikes in the gold price in 2014 will be caused by more than bargain-hunters who love to see sub-$1200 spot prices.
The Fed plans to reduce or eliminate its range of quantitative easing measures in 2014 and there have been talks of raising interest rates, too. Such changes will almost definitely have an effect on certified coin prices, but debate over the immensity of the changes is in full force among economists and analysts. While some believe that higher interest rates will make corporations accountable for their spending while providing average Americans with relief from inflation, many others have countered with history, by pointing out that the rising interest rate cycle of 1960-1980 coincided with a historical jump in the gold spot price (from $35 in 1960 to $850 in 1980).
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