ECB OFFICIAL HINTS AT CONTINUED EASING IN EUROPE
Gold, Silver and Platinum prices are rising this morning as nervous investors push stock market futures down. The record stock market run seems to have these investors wary that a pullback could be imminent. Oliver Adler of Credit Suisse said that “irrational exuberance” could be making a return to the markets amid strong confidence in equities and subdued macroeconomic data. He added, “Media ‘hype’ is remarkably absent, with commentaries more focused on a coming correction than the next big move up.”
Physical demand in China is underpinning Gold’s price, but the move this morning came after European Central Bank Policymaker Jens Weidmann suggested that quantitative easing in the eurozone would continue as inflation pressure eases. Historically, such easing methods have been supportive of Gold and other Precious Metals. Standard Bank Analyst Walter de Wet said, “More than 6,000 lots went through the market in a matter of minutes … It may be that the comments of Jens Weidmann made the market move.”
At 9 a.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,594.50, Up $14.50.
- Silver, $29.29, Up $0.38.
- Platinum, $1,610.20, Up $7.00.
- Palladium, $773.10, Down $5.10.
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