Thursday August 01, 2013 09:49
No surprises from the ECB or the Bank of England although there are some signs of life in the European recovery, just not enough for policy makers to change monetary policy. Global QE continues and the keys will now come down to fundamentals of risk and return. The equity markets continue to gather capital flows and the recent weakness in the US dollar ‘should’ reverse. We are back to watching the recent tight range in gold. The gold market got the ammunition it needed and the bulls now need to create the momentum to test, and break, the $1,337 level.
By Peter Hug
Global Trading Director
Kitco Metals Inc.