Why Gold Prices Will Rise as Debt Ceiling Deadline Nears

This is a syndicated repost courtesy of Money Morning. To view original, click here. Reposted with permission.
Gold prices have been in a narrow trading range over the last week, hanging mostly between $1,291 and $1,297 since Friday, Aug. 18. But the looming debt ceiling deadline could be bullish for gold…
The biggest gold news this past week was Treasury Secretary Steven Mnuchin’s visit to the gold deposit at Fort Knox. This, of course, is the Kentucky army post that serves as the U. S. Bullion Depository and home of most of the country’s gold reserves.
Treasury Secretary Mnuchin and Senate Majority Leader Mitch McConnell visited Fort Knox on Monday. We don’t know how much gold they actually saw, but Mnuchin stated it was the first time the vault had opened up to outsiders since a congressional delegation and journalists had access in 1974.
In fact, inventory hasn’t even been taken since 1986, and the last audit took place in 1953. All of this begs the question of why government officials would visit the site now.

This post was published at Wall Street Examiner by Peter Krauth ‘ August 25, 2017.