After gold and silver futures gained 1.4% and 2.2% respectively on Thursday, one analyst told MarketWatch that “Trade numbers from China overnight suggests demand in the world’s second largest economy remains strong while the ECB’s unanimous vote to keep interest rates on hold was also seen as positive for gold prices thanks to the rallying EUR/USD.”
Noting that gold has rebounded more than 3% since hitting a 4 1/2 month low last week following the release of December’s FOMC minutes, Reuters quotes the head of a commodities investor firm as saying that “Gold was oversold after the Fed minutes. I don’t see the Fed doing anything to withdraw stimulus soon.”
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This entry was posted on Thursday, January 10th, 2013 at 11:17 pm and is filed under China, Federal Reserve, General Economy, Gold, JPMorgan, Monetary Policy, Silver, U.S. Congress, Wall Street. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.