We are going to explain why investors consider gold as the basis of financial security.
On Tuesday 7th, the head of the ECB Mario Draghi claimed the need for collaborative actions to resolve the situation with loans:
“We therefore need a joint effort by banks, supervisors, regulators and national authorities to address this issue in an orderly manner.”
The Chair of the Supervisory Board at the European Central Bank Danièle Nouy believes that it will take additional time to refine the rules. In her opinion, now is a very suitable time to rethink actions.
On Tuesday, one ounce of gold was worth $1,275.
On Wednesday 8th, China announced its plans concerning support of the country's economic stability in 2018 and taking anti-risk measures.
Premier of the State Council of the People's Republic of China, Li Keqiang:
“The deep-seated contradictions in the domestic economy remain striking and various risks and hidden perils cannot be ignored.”
The Chinese government is concerned about the uncertainties, so it does everything possible to maintain financial balance.
The growth of the yellow metal stopped at $1,281.
On Thursday 9th, the head of the US Department of State Rex Tillerson noted the unity of views of the US president and the leader of China regarding North Korea:
"It was stressed that none of the leaders would accept that North Korea got armed with nuclear weapons."
President of China, Xi Jinping, announced positive changes in the market. He noted the intention of the country to become "in a while ... more open and transparent to foreign companies."
The dollar against the backdrop of financial fluctuations went down, which lifted gold proces to $1,285.
On Friday 10th, Fed representative John Williams in his interview made it clear that raising rates in late 2017 is justified, and next year it makes sense to raise rates three times.
Experts started talking about the danger of the Fed's position under Trump’s leadership. The US President seeks to introduce changes in all important areas of the country. In the Federal Reserve Board, three seats out of seven are vacant. Trump can become the politician who will take the Fed under its full control. Tax changes in the US and the abolition of federal allocations triggered the flight of investors from risks. Gold retains its positions as a source of financial security not only for countries and organizations, but for every person.
One ounce of gold that day was worth $1,275.
On Monday 13th, gold prices went growing.
In an interview with Kitco News, the president and CEO of Wheaton Precious Metals, Randy Smallwood, said he remains an optimist, and gold prices will eventually come out of their narrow range.
At the beginning of the week, gold reached $1,277.
UBS analyst John Teves predicts that next year metal prices will get to the level of average $1,285. According to him, there is no strong catalyst that could affect the value of gold. Teves also noted that this year gold has risen by 12%.
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