Gold and Silver Quiet Ahead of ECB Meeting
Both precious metals were relatively quiet, as investors await the European Central Bank’s meeting tomorrow. Mario Draghi, president of the central bank, is expected to propose an unlimited sterilized bond buying program on Thursday.
Don’t Miss: Are Central Banks Still Hoarding Gold?
Bloomberg reports, “Under the blueprint, which may be called ‘Monetary Outright Transactions,’ the ECB would refrain from setting a public cap on yields, according to the people, and a third official, who spoke on condition of anonymity. The plan will only focus on government bonds rather than a broader range of assets and will target short-dated maturities of up to about three years, two of the people said.”
In afternoon trading, the SPDR Gold Trust (NYSEARCA:GLD) fell 0.24 percent, while the iShares Silver Trust (NYSEARCA:SLV) dipped 0.50 percent. Gold miners (NYSEARCA:GDX) such as Yamana Gold (NYSE:AUY) and Goldcorp (NYSE:GG) both managed to gain about 0.30 percent. Meanwhile, First Majestic Silver (NYSE:AG) declined 0.89 percent, but Silver Wheaton (NYSE:SLW) increased 0.11 percent.
Investor Insight: Bernanke JACKS UP Gold and Silver
If you would like to receive professional analysis on miners and other precious metal investments, we invite you to try our premium service free for 14 days.
Disclosure: Long EXK, AG, HL, PHYS