Gold rose to a five-month high today on quantitative easing news out of the U.S. and Europe. James Steel of HSBC said that “it’s the avalanche of money argument” in regards to Precious Metals’ gains recently. Andrey Kryuchenkov of VTB Capital added, “All that promise (of quantitative easing) needs to turn into concrete action. And for Gold in the long run, it needs any sort of liquidity boost, or balance sheet expansion, and for bond yields to stay low.”
Drakon Capital’s Guy Adami believes that the quantitative easing news will send Gold to a new record price. “I don’t think it has anything to do with fear (about fiat currencies). It has everything to do with what’s coming down the pipe,” he told CNBC. “Again, I’ll say, although it’s painful on the down days, and there have been a number of them, I think gold is what’s going to win,” he added. “One day we’re all going to wake up, and the price of gold is going to be a lot higher than it is now. When I say a lot higher, I mean north of $2,000.” Whether Gold eclipses this figure is yet to be seen, but Adami is a firm believer.
At 5 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,696.70, Up $10.60.
- Silver, $32.38, Up $0.94.
- Platinum, $1,570.40, Up $32.10.
- Palladium, $642.00, Up $12.60.
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