Gold Drops As IMF Cuts Forecast For US Economy – Gold Goliath

Posted on :Apr 14, 2015

Gold last reported a.m. is $1196.60 and silver is $16.31. Precious metals prices are flat as U.S. stocks fall on mixed earnings and poor economic data.

As Washington espouses “The U.S. is growing strong and better than ever”, the International Monetary Fund has downgraded its outlook for the U.S. economy.

The IMF predicts the U.S. economy will grow 3.1 percent in 2015 and 2016 down from previous IMF forecast last January of 3.6 in 2015 and 3.3 in 2016. Global numbers are expected to grow 3.5 percent barely up from 3.4 percent in 2014. These numbers show that not only the U.S. but all other foreign nations remain in an era of stagflation that began in 2008 with the U.S. housing crisis.

The U.S. dollar has enjoyed a 29 percent climb against the euro in 2015 due primarily to EU issues with soon to be insolvent Greece. A stronger dollar is unfortunately giving foreign nations an advantage over U.S. manufacturers as it causes an increase in U.S. product pricing.

The advance March retail sales report missed expectations for a third month in a row. The core reading which excludes volatile categories only saw an increase of 0.3 percent. The data confirms weak consumer spending is still hindering the U.S. economy as typical households struggle to cope with the rising costs of living,  especially in energy and food.

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