Gold Climbs to Six Month High on ECB Plan

September 6, 2012

The European Central Bank has just stepped into unchartered territory unveiling an aggressive new bond-buying plan that is designed to bring relief to the nearly three year old Eurozone crisis. The new round of bond-buying is being referred to as OMT’s (or, Outright Monetary Transactions.) These OMTs will be strictly confidential and will only be conducted when countries request them. The new measures were intended to prop up the ailing debt markets of several European countries including Spain, Italy. The announcement caused Spanish and Italian bond prices to rally. European stocks, especially within the financial sector, soared as well.

The U.S. financial markets also soared on Thursday. All of the major U.S. indices were up.

Additionally, gold closed at a six month high, well above the key $1700 level on Thursday, indicating that the yellow metal’s rally is far from over.

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