Gold Prices Up Big As Quantitative Easing Announced
Gold Up large following Fed Announces QE 2.As the US Federal Reserve announced $600 billion in treasury purchases yesterday afternoon, gold investors pushed costs of the precious metal up substantially this morning. in the time of publishing, Gold was trading about the ny place market for $1378.90 an ounce, up over $30 from yesterday’s closing price.
As The Federal Reserve puts a huge selection of billions of bucks in to the economy, diluting the money supply, and lowering the value of the US dollar, gold is turning into an attractive method to hedge again feasible future inflation. despite the fact that inflation is not a be concerned today, fears that the billions of bucks in extra money supply will ultimately raise everyday prices, has really helped the precious metal. Commodity costs are already rising, meaning that everyday costs of goods will also too ultimately rise, lowering the investing power of the dollar.
Over the final 12 months the cost of gold has risen a staggering 25%, or $286.90 per ounce. Other precious metals are also all up this morning such as platinum and silver.
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