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Precious Metals Slide and The Dollar Rallies

The Bank of Japan defended last week’s increase in asset purchases and took a stand to do whatever it takes to eliminate deflation and encourage growth. This put the central bank on a different path from the U.S which has recently ended its asset purchases. This move will put pressure on the low interest rates currently enjoyed by the U.S. The news sent the dollar higher against the yen and other currencies. Gold and silver prices hit their lowest prices in more than 4 years, weighed down by the soaring dollar and the threat of more stimulus from the world’s largest economies. Gold for November contracts fell $22.00 to $1145.40 a troy ounce on Wednesday, the lowest level since February 2010. Silver contracts also fell 50.9 cents to $15.4180 an ounce, its lowest level since February 2010 also. Precious metals are priced in dollars and become more expensive to foreign buyers when the U.S dollar climbs

Quoted” Success is getting what you want. Happiness is wanting what you get” Dale Carnegie

Submitted by

Barry Sendach

Forex Global Solutions

www.forexglobalsolutions.com

Friday, 07 Nov, 2014 / 6:47

Source : http://forexglobalsolutions.com/

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