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Key reversal last week for gold, silver and mining stocks as money printing gets into higher gear?
Monday, April 8, 2013 0:01
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With gold closing the week at $1,582 after the abysmal US jobs report that caught the shorts out, a difficult period could be over for precious metal investors. As ArabianMoney has pointed out the real issue for precious metals last week was a Fed-directed bear raid on the price of gold to offset Japanese QE, and that is now over.
The jobs report – with just 88,000 jobs created last month and 496,000 citizens conveniently leaving the register – was a shocking reminder of the state of the US economy and its utter dependence on money printing. QE is not likely to vanish anytime soon in this environment and the Bank of Japan’s action confirmed that with a vengeance with an even bigger program.
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