ECONOMISTS NOT SURE HOW TO REACT TO EU PROPOSAL
Gold’s price has remained stable today following doubtful views of the European Union’s summit. Commerzbank commented on Friday’s rally for Gold when the price shot up 3.5 percent by saying the demand was “likely to have been driven mainly by speculative financial investors. In the long term, we regard the current skepticism displayed by speculators to be constructive, for most fears should meanwhile be ‘priced in,’ and being a contrarian could pay off. Precious metals could be nearing the end of their slump.”
The outcome from the EU Summit has been found to be both positive and negative from the viewpoints of European leaders as well as economists. Mario Draghi, European Central Bank president, said, “I am actually quite pleased with the outcome of the European council. It showed the long-term commitment to the euro by all member states of the euro area.” Carl Weinberg, chief economist at High Frequency Economics, would like more details to the bold proposal. He said, “We do not see how we get an instant action plan out of last week's agreement.”
At 5 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,598.80, Down $6.90.
- Silver, $27.53, Down $0.15.
- Platinum, $1456.80, Up $5.90.
- Palladium, $579.00, Down $6.50.
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