WHEN WILL EUROPE FINANCIALLY SECURE ITSELF?
Gold’s price remained steady today as many investors await central banks to disclose future stimulus plans. Ole Hansen at Saxo Bank said, “I think investors inherently want to see it (the Gold price) higher and are worried about missing the boat. Liquidity is at a premium this time of year, and it does not take much to drive (the market).”
It is evident that eagerness is growing around the world for Europe to solve its financial crisis with some much-needed stimulus. Stephen Platt at Archer Financial said, “Europe will need to act, and act in possible concert with the U.S. The market is probably holding on to that as its primary bullish influence.”
This past year, the relationship between Great Britain and Europe has seemed to diminish, which could be why Britain is officially thinking about exiting from the European Union. Britain does not use the euro currency but is a member of the group. There are concerns on how the financial markets would be affected if the U.K. leaves the EU. Financial services group Nomura issued a report stating, “We believe, increasing possibility of either a looser U.K. relationship with the EU or a U.K. exit is bound, in our view, to raise both economic and political concerns, including in financial markets.”
At 5 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,613.20, Up $2.40.
- Silver, $28.10, Down $0.10.
- Platinum, $1,411.00, Down $0.40.
- Palladium, $587.50, Down $2.20.
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