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News Link • Currencies

ECB Debasement Is Akin To Work Of Devil – Risk Of “Rapid Currency Depreciation”

• http://www.zerohedge.com, by Tyler Durden
 Silver is trading at $34.66/oz, €26.76/oz and £21.48/oz. Platinum is trading at $1,632.00/oz, palladium at $666.70/oz and rhodium at $1,300/oz.
 
Gold climbed $13.00 or 0.74% in New York yesterday and closed at $1,770.60. Silver surged to $35.015 before it also dropped off, but it finished with a gain of 2.23%.
 
Gold hit its highest level in 6-1/2 months today after Japan followed Europe and the USA in embarking on stimulus measures to boost its economy, increasing the safe haven’s appeal as an inflation hedge.

The rash of central bank massive liquidity injections is continuing to support gold as traders bet on the inflationary consequences of such significant largesse.

The BOJ (Bank of Japan) ramped up its asset buying and loan programme, by ¥10 trillion ($127 billion) to ¥80 trillion which led to Japan’s total public debt surging over the 1 quadrillion mark.

1 quadrillion is a very large number and is ¥1,000,000,000,000,000 or 1 with 15 zeros after it.

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