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Already it Seem More QE is in the Offing

by Peter A. Grant

Sep 27, AM
(from USAGOLD.com) --

Gold pushed to new all-time highs against both the euro and the Swiss franc today, underpin by resurgent concerns that ECB efforts in recent weeks to mitigate the persistent eurozone crisis were at best a short-term delaying action. The new record highs now stand at €1380.38 and CHF1670.16, respectively.

The rise in civil unrest in Spain and Greece this week is evidence that nothing has really changed in the eurozone, even with the ECB's pledge to buy an unlimited amount of periphery debt. The worsening of the eurozone debt crisis in over the past year, kept gold in euro terms relatively close to the record high. And of course, with the Swiss franc now pegged to the euro; as goes the euro relative to gold, so goes the franc.

There seems to be a growing consensus, particularly in light of today's downward revision to US Q2 GDP and the plunge in durable goods orders in August, that central banks are likely to have to do even more, beyond the rather unprecedented measures they just recently announced. Further fiat currency debasement will tend to be gold positive.

Yesterday, the Bank of Japan's Takehiro Sato said they "won't hesitate in taking additional monetary easing steps." Later in the day, a MarketWatch article said that some Fed watchers believe the FOMC will announce additional outright Treasury purchases when it meets in early-December. So while, QE3 was just announced 2-weeks ago — and it was a big deal — there already appears to be growing acknowledgement that it simply wont be enough.

Peter Grant is USAGOLD's resident economist and a well-known analyst globally in the forex and precious metals markets.

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Opinions expressed in commentary on the USAGOLD.com website do not constitute an offer to buy or sell, or the solicitation of an offer to buy or sell any precious metals product, nor should they be viewed in any way as investment advice or advice to buy, sell or hold. USAGOLD, Inc. recommends the purchase of physical precious metals for asset preservation purposes, not speculation. Utilization of these opinions for speculative purposes is neither suggested nor advised. Commentary is strictly for educational purposes, and as such USAGOLD does not warrant or guarantee the accuracy, timeliness or completeness of the information found here.

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Already it Seem More QE is in the Offing