What a year! This fascinating time for the global economy and thebegan with big . , removing the peg of 1.20 franc per euro, , (in a few months, ), and . Then, the attention moved to the emerging markets. The U.S. dollar appreciated further and , pushing , and several other countries into recession. The , and , which caused , raised the biggest concerns. The geopolitical situation remained unstable, especially in Ukraine and the Middle East, leading to , the growth of terrorism, and eventually multiple terrorist attacks all over the world ( , among others). In November, . And finally, the Fed hiked interest rates for the first time in almost 10 years.
In this edition of, we summarize the last year in the gold market from the perspective of its fundamentals. This analysis should help investors better understand the gold market, and draw for the new year. We will present our gold outlook for 2016, focusing on the impact of the Fed’s rise on the price of gold. Given that the gold trade is generally about the Fed’s actions and confidence in the U.S. economy, the future path of interest rates may be the biggest driver in the gold market this year.