U.S. DOLLAR DOWN AS YEN, EURO RECEIVE BOOST
Gold prices rose after the Bank of Japan announced its new monetary easing strategy. “Bank of Japan move signals possible inflation down the road as well as continued return to Gold [in the] first weeks of the year by funds,” George Gero, Precious Metals strategist at RBC Wealth Management, wrote in a note Tuesday. The new program will not begin until January 2014 and will include monthly purchases of around $11.28 billion of treasury bills and Japanese government bonds.
The U.S. dollar dropped today due to positive German investor sentiment that built some ground for the euro and an jump in the Japanese yen after the Bank of Japan stated a financial policy shift. “The move towards a 2 percent inflation target was fully in line with market expectations, whereas the open-ended asset purchases are a surprise move. It is a bolder move than most investors had been expecting ahead of the announcement,” analysts at Danske Bank said.
At 1 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,695.90, Up $7.00.
- Silver, $32.22, Up $0.25.
- Platinum, $1,698.60, Up $24.60.
- Palladium, $731.40, Up $7.70.
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