Gold News & Info

Source: Dr. Bill Musgrave, American Gold Exchange

Austin— Spot gold added $5.40 to close above $1,690 in electronic trading behind rising global risk appetite as the Bank of Japan and European financed ministers began their respective meetings on monetary policy. The BoJ is expected to launch an open-ending commitment to quantitative easing, up to an inflation ceiling of 2%, in order to stimulate the economy, devalue the yen, and make exports more competitive. In Brussels, eurozone officials gathered to discuss, among other matters, channeling bailout funds directly to struggling banks through the $666-billion European Stability Mechanism. Optimism about the meetings raised bullish sentiment, driving European and some Asian stock indices higher and spurring commodity-demand for gold and silver. U.S. markets were closed for the M.L. King holiday but rose in electronic trade, with the Dow adding more than 50 points. Spot silver added 13 cents to close at $32.02 in electronic trade.

Comex was close for the holiday.