BANK OF JAPAN TO EASE, SUPPORTING GOLD PRICE
Gold and Silver prices are trading flat this morning, held down by a weak U.S. stock market. Helping the price of Gold, however, is the announcement by the Bank of Japan that further easing is on its way. GFMS analyst Rhona O’Connell said, “At the international level, it’s another expansionary element to add to the U.S.’ and EU’s actions; not an earth-mover, I wouldn’t have thought, though, as Japan’s been flirting with deflation for ages.”
Some analysts are predicting that 2013 will be the year that the eurozone will stop being a major risk to the global economy. However, with that comes the risk of complacency. Jacob Kirkegaard at the Peterson Institute for International Economics said, “The risk is that complacency takes hold because there is no more urgency in the crisis, and that everything that has been done up until now will be deemed sufficient. [If that happens,] Europe will turn into the next Japan, and become a permanently depressed or stagnating economic area.”
At 9 a.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,690.20, Up $1.20.
- Silver, $32.00, Up $0.03.
- Platinum, $1,687.10, Up $13.10.
- Palladium, $719.70, Down $4.00.
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