Price of gold surges on Fed stimulus hopes; is it headed for $2,000?
Gold surged on Thursday amid hopes for stimulus (Chris Ratcliffe / Bloomberg / August 23, 2012)
By Tiffany Hsu
LA Times
August 23, 2012, 11:58 a.m.
The spot price of gold lurched up Thursday as anticipation of new stimulus measures worldwide grew.
The precious metal was up 1.9% to $1,669.10 an ounce, propelled in part by an unexpected rise in jobless claims that highlighted the job market's weakness. And an HSBC report showing sagging manufacturing performance in China didn't help.
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Business activity in the Eurozone, including in normally stalwart Germany, is shriveling so fast that many analysts are predicting a recession for the entire region, based on new data from research firm Markit.
The minutes from the Federal Reserve's most recent rate-setting meeting, which were released Wednesday and featured a discussion of economic growth strategies, stoked talk that the bank would engage in a third round of bond-buying tactics known as quantitative easing, or QE.
More: http://www.latimes.com/business/money/la-fi-mo-gold-price-fed-stimulus-20120823,0,4302481.story
Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months
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