The gold bug returns

The watershed event happened last week (well, almost): the ECB announced its plan to buy sovereign bonds without limit (if needed). The market reacted immediately with the price of gold breaking above US$1700 and up further to US$1735. This week, there were more and more indications of QE3 coming. It looks like a coordinated action among central banks. Maybe the sense of anticipation of further stimulus for gold bugs is greater than that of the unveiling of the iphone 5!

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