4th Aug,2011
Gold futures tacked on as much as $18 an ounce Thursday as concerns about the U.S. economy and Europe’s sovereign debt crisis and Japan’s intervention in the currency market to stem the rise in the yen sent investors into their defensive shells — and to gold as a safe haven.
The U.S. dollar surged the most since September against Japan’s yen Thursday, rallying after Tokyo authorities intervened and the nation’s central bank stepped up its monetary easing.Central bank currency intervention or money printing and competitive currency devaluations have resumed with gusto, which is of course bullish for precious metals as they cannot be devalued or debased,” analysts at GoldCore wrote in a report Thursday.
Gold futures tacked on as much as $18 an ounce Thursday as concerns about the U.S. economy and Europe’s sovereign debt crisis and Japan’s intervention in the currency market to stem the rise in the yen sent investors into their defensive shells — and to gold as a safe haven.
The U.S. dollar surged the most since September against Japan’s yen Thursday, rallying after Tokyo authorities intervened and the nation’s central bank stepped up its monetary easing.Central bank currency intervention or money printing and competitive currency devaluations have resumed with gusto, which is of course bullish for precious metals as they cannot be devalued or debased,” analysts at GoldCore wrote in a report Thursday.
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