21:09
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All Quiet On The Golden Front
Gold continues to hold the $1,200 level, despite a stronger U.S. dollar and weaker oil prices overnight. The markets are awaiting the ECB meeting tomorrow for signs that Draghi announces a more formalized QE program. If the ECB stays the course, some squaring in the euro/dollar trade may prove beneficial for gold. The ETFs are also posting net inflows into the yellow metal, as funds may be adding some insurance against the lofty equity market. The next few weeks will see increased volatility as tax loss selling enters the equation. This would be the time to speak to your accountants on the rules for this process, if your intention is to sell for a loss but maintain the underlying protection.
By Peter Hug
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