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More Easy Policy, More Currency Debasement in the Cards

by Peter A. Grant

Feb 25, AM
(from USAGOLD.com) --

Gold is firmer this morning, bolstered by a retreat in the dollar. The yellow metal was also quite oversold in the wake of last week's retreat toward the low end of the range.

Italian markets were initially buoyed by indications that Pier Luigi Bersani was poised to win parliamentary elections. That in turn lifted the euro. However, some trepidation surfaced later in the day when it appeared that Silvio Berlusconi might control the Senate. Italian markets collapsed and the euro began to retrace on what BusinessInsider called a "stick in the eye to Brussels."

Gold garnered additional support from Friday's downgrade of the UK and subsequent drop in the pound to new two-and-a-half year lows versus the dollar and 16-month lows against the euro. This increases the likelihood that the BoE will have to offer additional accommodations to keep rates suppressed.

Additionally, Reuters is reporting that Japanese Prime Minister Abe is likely to nominate an advocate of aggressive monetary policy to head the BoJ. Asian Development Bank President Haruhiko Kuroda is seen as a frontrunner. That means that further yen debasement may well be in the cards.

More easy monetary policy. More currency debasement. Ultimately that is seen as favorable to gold.

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More Easy Policy, More Currency Debasement in the Cards