US markets are of course were closed yesterday for the 4th of July, but elsewhere in the world traders still went about their merry business. Gold and silver posted strong performances Tuesday on the back of – yes, you guessed it – market excitement about the prospect of more cheap money from central banks. Weak manufacturing data from America on Monday, combined with growing expectations of a rate cut from the European Central Bank and the belief that China will ease have all given growth assets a leg-up.
Meanwhile in the UK, amid the Libor drama, the Bank of England is said to be gearing up for more money printing. Readers may be interested in Hinde Capital’s take on the British economy. Be warned British readers, it’s not looking good, as the title of Hinde’s report (“Eyes Wide Shut”) suggests. Shame Her Majesty’s Treasury is the proud owner of just 310 tonnes of gold (less than Venezuela, Taiwan and Portugal).
In another brilliantly illustrated King World News interview, John Embry aptly sums up the state of play as far as the world economy is concerned: “Man can generally rule the events, he can sort of deal with them. But every once in a while things get so serious that the events overtake the men, and they are incapable of dealing with the event. I think we are in a situation like that.”
$1,620 is still capping gold at the moment, while silver keeps running into trouble on thrusts towards $38.50. Progress has been tough for the bulls recently, but they remain on the right side of history.
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Monetary Stimulus Chatter Helps Gold
Published 07/05/2012, 12:21 AM
Updated 05/14/2017, 06:45 AM
Monetary Stimulus Chatter Helps Gold
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