Gold Sharply Higher on News from China, Spain

The price of gold surged higher by over $25 per ounce to just under $1,780 on a double dose of news that the market regarded as bullish.

First came the news that China was further embarking on a monetary stimulus plan of its own to try to jump-start its slowing economy. With Europe, the US, China and Japan all printing money at the same time, traders are very bullish on the outlook for gold.

At the same time, Spain announced that it would meet budget deficit targets, an indication that perhaps the worst is over for the Spanish depression.

 

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