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In recent weeks we have seen gold prices drop. There is a link between the price of gold and the strength of the dollar and the U.S. economy. As things have gotten tough over the past 5 years, gold has gone from around $700 an ounce to over double that. the price of gold is at an all-time high, as you may have heard from the commercials trying to buy your jewelry.
Sadly for those of you that have invested in gold in the past months, it is best for our country to have gold prices back to where they were in past decades, in the $250 to $500 range. Will it get back to that range? It depends on the direction the American people choose to steer in November. The price of gold has dropped because of a mix of overvaluation and the economy starting to fight its way back without the help from the executive office. However, it will only get back to that key range when the economy is back to where it needs to be. President Obama doesn’t seem to have the ability to lead the process to get our economy to this level. With him as President, gold will stay higher than it has ever been.
An ounce of gold is not worth $1900, it’s not even worth the $1700 that it is valued at today and the market is starting to figure that out. So it only makes sense that the price has slowly dropped since what looks to be the peak in September. In the election, President Obama will not be able to use the stat of this price drop to his advantage seeing that it is still ridiculously above where it needs to be.
In bad times the price of gold will always go up, when the economy is stronger the price will always be lower. The link between the price of gold and the strength of our economy tells us that we need to get gold prices back to where they were. For that to happen we need a president in office that can actually lead.