ANALYST: TIME FOR QE3
Precious Metals are trading higher this morning in anticipation of the Federal Reserve meeting tomorrow. After last week’s dismal jobs report, analysts believe the time is now for the Fed to act. Mike Dueker of Russell Investments wrote, “If many (Federal Open Market Committee) members meant what they said about needing to see ‘substantial and sustainable strengthening in the pace of the economic recover’ in order not to implement a third around of quantitative easing, then it is time to act.”
Germany’s Federal Constitutional Court blocked requests for an injunction which would rule German support of the eurozone rescue fund unconstitutional. German Chancellor Angela Merkel said that the ruling sends “yet another strong signal to Europe and beyond: Germany is accepting its responsibility as the largest economy and reliable partner in Europe.”
The Platinum price is gaining at a much greater pace than other metals today due to the unrest in South Africa. The top Platinum producer in the world, Anglo American Platinum, is now being affected by striking miners, who blockaded roads leading to shafts. “Fear of intimidation and threats by unidentified individuals in and around” certain locations caused some non-striking miners to be unable to report for work, according to a statement.
At 9 a.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,738.90, Up $5.00.
- Silver, $33.71, Up $0.15.
- Platinum, $1,646.10, Up $38.10.
- Palladium, $679.50, Up $4.60.
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