All eyes on the ECB meeting later this week. The FED and the ECB moving in opposite directions, as negative interest rates across the pond look like the only tool the ECB can use to try to bring calm to the EU economies.
Mario Draghi said previously at the January ECB meeting that if things don’t improve, we will need to reassess our policies at the next meeting.
I expect what comes out of the ECB meeting this week will help the FED’s decision to hold off any rate hike on our shore for the foreseeable future.
Some headlines of interest:
- Gold ETF holdings continue to increase now at 56.7 million ounces.
China adds more gold reserves in February now holding 57.5 million ounces.
Platinum climbs over $ 1000 dollars for the first time since October 2015.
Palladium higher as traders look for a breakout thru its first level of resistance at the $ 575 dollar level, giving them some confidence that higher prices are in order.
- This morning we see the dollar and oil in positive territory keeping a cap on the recent gold rally.
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