2016 was an interesting year for the gold market, and the 5 top gold stories of the year show investors remain interested in the yellow metal.
A lot happened in 2016 with the gold price and, while many remain bullish on the yellow metal, it still rollercoastered in ways many weren’t expecting.
On that note, the Investing News Network (INN), has compiled a list of its five top gold stories for 2016.
While it’s no doubt been an interesting year for the precious metal, it’s clear there’s still plenty of interest to be had in gold–whether it’s the gold price, gold companies, or stocks to buy.
Read on to see what top gold news stories 2016 grabbed the attention of our investor audience.
Unsurprisingly, first on the list has to do with Britain’s decision to leave the European Union, back in June. Before Brexit, gold was trading at $1,268.50 per ounce. In the days following England’s official decision to leave, the yellow metal skyrocketed to $1,365.40 per ounce.
Next on the list is an interview INN did with Rick Rule, CEO of SPrott US C Holdings, at Vancouver’s Resource Investment Conference. In the interview, Rule gives tips on how to pick the right companies to invest in, but also that investors “shouldn’t be too hopeful.”
The video can be watched here:
With the US presidential election in November, it’s no surprise that our piece on what an election year means for the yellow metal was a hit with our readers. Since investors flock to precious metals during times of uncertainty, investors were quick to read the piece to find out what analysts in the industry were saying. For example, Joseph Innace, metals content director at S&P Global Platts, said in an interview with MarketWatch the more uncertain the climate, “the more of a safe-haven asset gold becomes, and gold prices tend to rise.”
In that regard, the gold price did jump over $1,300 an ounce the evening of the election, furthering Innace’s point at the time.
On that note, gold prices reached $1,300 an ounce back in May. This, of course, was huge for the yellow metal, since it was the first time in over 15 months its price had reached levels that high. At the the time, the price increase came as a result of US jobs data and interest rates putting pressure on the US dollar.
Last but not least in our top gold news stories 2016 list is a story that came later in the year: on November 21, 2016, the Canadian government gave its approval for the world’s largest gold project. In a company press release, Seabridge Gold (TSX:SEA) announced it had been given the go-ahead for licensing, construction, operation and maintenance for its 100-percent owned KSM gold project in British Columbia.
The project has the potential to improve water quality and quantity along the US boarder near Alaska. Canada’s minister of environment initially approved the project back in 2014, but the federal and provincial environmental process took nearly seven years.
Don’t forget to follow us @INN_Gold for real-time news updates.
Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
5 Top Gold News Stories of 2015
Gold Outlook 2017: Analysts Call for Price Increase