Catalonia Declares Independence Gold Rallies

Catalonia Declares Independence Gold Rallies

Catalonia Declares Independence Gold RalliesLos Angeles CA, October 27 (Tangible Investments) by James O’ Dell Precious metals prices were mixed on Friday. Catalonia declares independence Gold rallies. Gold is up 0.31 percent to $1,270.10 an ounce after tumbling $11.00 on Thursday to close at $1,266.20 an ounce.

Silver is down 0.18 percent to $16.74 an ounce after easing $0.16 on Thursday to close at $16.77 an ounce. The Gold/Silver ratio rose to 75.50 as Gold outperformed Silver. Platinum is up 0.33 percent to $918.00 an ounce. Palladium is down 0.83 percent to $952.00 an ounce.

Gold rebounded from near 3-week lows on short covering and bargain hunting in early trading on Friday after Catalonia’s regional parliament declared its independence from Spain. The Speaker of the Assembly said the motion for independence passed with 70 votes in favor, and 10 against.

In Madrid, the Senate voted 214 to 47 to invoke Article 155 of the Spanish Constitution. Article 155 grants Spain’s Prime Minister, Mariano Rajoy extraordinary powers to suppress Catalonia’s drive for independence and will take effect today.

ECB Extends Stimulus Program

In the meantime, the euro slipped against the dollar after the Catalan independence declaration and after the European Central Bank (ECB) extended its bond-buying program. The ECB decided Thursday to reduce its monthly bond purchases but extend the stimulus program until at least September 2018.

“There’s no doubt that Catalonia, the issue has been weighing on the euro,” said Quincy Krosby, of Prudential Financial.

Meanwhile, the search for the next Fed chair is now down to Fed Governor Jerome Powell and Stanford University economist John Taylor. “The market is not pricing in more aggressive rate hike from the Fed even given a potential change in leadership next year. We are likely to see the same rate hike path,” said ETF Securities’ Martin Arnold.

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