Nouvelle impulsion aidée par la planche à billet japonaise qui va se remettre à tourner
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Source Bloomberg
Gold climbed to a record in London and New York after Japan cut its key interest rate and said it would step up asset purchases and as the dollar weakened, boosting demand for gold as a protection of wealth. Silver advanced to a 30-year high.
The Bank of Japan pledged to keep its benchmark interest rate at “virtually zero” after unexpectedly reducing borrowing costs for the first time since 2008 and expanding its balance sheet. The dollar slipped as much as 0.6 percent against the euro after yesterday falling to a six-month low. Bullion usually moves inversely to the greenback.
The Bank of Japan announcement “spurred buying because it’s more quantitative easing,” said Walter de Wet, an analyst at Standard Bank Plc in London. “The liquidity that’s going to be around is going to drive gold higher. There’s also some dollar weakness.”
Immediate-delivery bullion added as much as $13, or 1 percent, to $1,328.25 an ounce and traded at $1,326.97 at 9:01 a.m. in London. Gold for December delivery was 0.8 percent higher at $1,327.70 an ounce on the Comex in New York after reaching $1,329.60.
Gold, up 21 percent this year, is heading for its 10th consecutive annual gain, the longest winning streak since at least 1920. Bullion has outperformed global equities, Treasuries and most industrial metals, prompting record investment in gold- backed exchange-traded products. The metal rallied as central banks and governments maintained low borrowing costs and spent trillions of dollars to stimulate economies.
Japan Cuts
The Fed has left its benchmark interest-rate target at a record low and pledged to take more steps to spur growth if necessary. Japan’s central bank today cut the overnight call rate target to a range of 0 percent to 0.1 percent, from 0.1 percent, and set up a 5 trillion yen ($60 billion) fund to buy government bonds and other assets.
“Today’s decision by the Bank of Japan confirms that there’s still concern about the economic recovery,” said Hwang Il Doo, a senior trader at Korea Exchange Bank Futures Co. in Seoul. “Such concerns will continue propping up gold.”
Gold may reach $1,500 by the end of the year and $2,500 an ounce “in a year or so,” Peter Hambro, chairman of Petropavlovsk Plc, Russia’s third-largest producer of the metal, said today in an interview with Bloomberg Television’s “Countdown.” Prices may climb to $2,000 within the next 10 years, Rogers Holdings Chairman Jim Rogers said yesterday in a CNBC interview. Rogers said he owns gold and silver and is “pessimistic” on the future value of the dollar.
Silver Surges
Prices have gained this year even as U.S. inflation slowed. Bullion is traditionally bought as a hedge against rising consumer prices. Inflation expectations, based on the 10-year U.S. Treasury breakeven rate, have fallen to 1.81 percent from 2.31 percent six months ago.
Gold assets in ETPs declined 0.7 metric ton to 2,094.3 tons yesterday, according to data compiled by Bloomberg from 10 providers. Holdings reached a record 2,097.01 tons on Sept. 30 and are up 17 percent this year.
Silver for immediate delivery in London rose as much as 1.3 percent to $22.2319 an ounce, the highest level since September 1980, and was last at $22.1912.
Platinum added 0.7 percent to $1,681 an ounce. Palladium gained 1.1 percent to $567.25 an ounce.
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