Gold and silver are catching strong bids this morning on rumors of imminent new easing/ LTRO in Europe.
Silver has run as high as $28.67, nearly 10% higher than yesterday’s lows near $27, and gold has traded as high as $1579 this morning.
Remember that today is May gold options expiration, but it appears the worst of the damage was sustained throughout yesterday’s trading in the day prior to expiration, as has been the pattern in recent months.
Rumors are indicating the ECB will cut rates, and potentially announce 1 year LTRO’s at the ECB’s July meeting, with current LTRO programs being renewed at the June meeting.
QE MUST and WILL Continue to Infinity…AND BEYOND. Gold and silver offer you the best protection from the currency devaluation that will result from infinite QE. The current gold and silver deep discount bargain racks may VERY soon be ending.