ANALYST PREDICTS ONGOING EASING THROUGH 2013
Gold and Platinum prices are mostly flat this morning, while Silver and Palladium are down slightly. Analysts continue to say that the high physical demand in Asia is one of the driving forces behind Gold’s price, though it seems the major topic is quantitative easing (QE) around the world. Recent comments from central bank officials have supported ongoing QE in many regions, as seen yesterday when a European Central Bank official confirmed the eurozone’s monetary policy stance “for as long as necessary.”
Roubini Global Economics’ Managing Director of Research Christian Menegatti chimed in, saying, “We are talking about 2014, in terms of winding down quantitative easing. We’ll have to wait much longer for rate hikes… well into 2015 and maybe towards the end of (that year).” The driving force behind Gold being stuck just below $1,600 has been fear that QE could be coming to an end soon, but these views seem to refute that. In a recent CNBC poll, over 70 percent of voters said they were still buying Gold instead of selling it.
At 9:10 a.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,593.60, Down $0.10.
- Silver, $29.15, Down $0.09.
- Platinum, $1,598.50, Up $1.50.
- Palladium, $772.80, Down $1.80.
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