NEW YORK (
Gold for December delivery was rising $10.50 to $1,704.50 an ounce at the Comex division of the New York Mercantile Exchange. The
ECB President Mario Draghi said that bong purchases would be sterilized and unlimited, and added that the program would extend to bonds with three-year maturities without a cap for yields.
"Buying bonds from the secondary market is akin to printing money, it is designed to place liquidity back into the market," wrote Chris Gaffney, vice president of world markets at EverBank, in a note Thursday. "As we have pointed out several times in the past, this quantitative easing is inflationary as it puts more money into the markets."
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