Gold Plummets On Strong US Dollar
Posted by Brian Ford on March 13, 2015
Gold has been hit hard by the rise in the dollar’s value in March of 2015. Within the first 13 days of the month the so-called safe haven metal has fallen over 5%. Silver has also dropped to the $15.50 range, making March a very bad month for precious metals investors.
However, the drop in gold prices has not hurt sales of American Gold Eagle Coins. The US mint reports the sale of over 42,500 American Gold Eagle’s in just the first 13 days of March.
The question on most metals investors’ minds is how long the US dollar rally will last. According to Bill Baxter of Janguard Financial, the US dollar rally could last until mid April. Bill says, “With Russia and Japan’s economic woes worsening and the European Union starting a trillion euro quantitative easing program, the dollar is really benefiting from everyone else’s troubles”. He adds, “by mid march 2015, we already see US retail numbers suffering from the stronger dollar, and I would expect the federal reserve to take some corrective measures that should take hold by mid April 2015.”