Gold and Other Metals Surge A Day After QE2 Announcement
Tweet
Share
E-mail
After taking a breather yesterday on the QE2 announcement, Gold and other metals are surging this morning.
Gold for December delivery is up $34 to $1371.60 on COMEX. Silver is up $1.079 to $25.51.
Other metals on the move include Platinum (+$50), Palladium (+$31), and Copper (+$0.09).
In an effort to buoy asset prices, the Federal Reserve announced yesterday that it would purchase an additional $600 billion of longer-term Treasury securities by the end of the second quarter of 2011, a pace of about $75 billion per month. The Fed will also reinvest principal payments from its securities holdings, which will total $250-$350 billion.
After absorbing the news yesterday, the dollar is continuing its slide this morning and commodities are higher.
Related ETFs:
SPDR Gold Shares (NYSE: GLD)
iShares Silver Trust (NYSE: SLV)
ETFS Physical Palladium Shares (NYSE: PALL)
ETFS Physical Platinum Shares (NYSE: PPLT)
Gold for December delivery is up $34 to $1371.60 on COMEX. Silver is up $1.079 to $25.51.
Other metals on the move include Platinum (+$50), Palladium (+$31), and Copper (+$0.09).
In an effort to buoy asset prices, the Federal Reserve announced yesterday that it would purchase an additional $600 billion of longer-term Treasury securities by the end of the second quarter of 2011, a pace of about $75 billion per month. The Fed will also reinvest principal payments from its securities holdings, which will total $250-$350 billion.
After absorbing the news yesterday, the dollar is continuing its slide this morning and commodities are higher.
Related ETFs:
SPDR Gold Shares (NYSE: GLD)
iShares Silver Trust (NYSE: SLV)
ETFS Physical Palladium Shares (NYSE: PALL)
ETFS Physical Platinum Shares (NYSE: PPLT)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Gold prices slide as M.East fears ease, rate jitters persist
- Natural Gas Inventory 50 bcf vs 52 bcf Expected
- Apple close to finalizing deal with FIFA over TV rights for new tournament, NYT reports
Create E-mail Alert Related Categories
Commodities, General NewsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
