wallstreetexaminer.com / by Money Morning News Team / March 3, 2017
Is the price of gold going up in 2017? So far, the answer is yes – and we think prices will rally even higher in the months ahead.
Since the beginning of the year, gold prices have climbed 7.1% to their current per ounce price of $1,233.70. That beats the Dow Jones Industrial Average’s gain of 6.5% over the same period.
However, the stock market consistently hitting new all-time highs has investors growing more bearish on gold prices in 2017. According to Commitments of Traders reports, the number of short bets on gold futures climbed 36.7% from 455,619 on Jan. 24 to 622,668 on Feb. 21. That increase indicates traders are becoming less confident that the gold price will rise this year.
But Money Morning Resource Specialist Peter Krauth remains bullish. In fact, he sees gold rising 13.5% to $1,400 an ounce later this year.
Read more ... source: The Bitcoin Channel
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