Gold and Gemstone Mining Inc (GGSM)

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Dollar Gold Price Snaps 7-Day Gains as Japan + Euro Stick with Negative Rates, Record QE

Thursday, 7/20/2017 14:48
GOLD PRICE gains over the previous 7 sessions ended in Asian and London trade Thursday, with the metal retreating almost $10 per ounce from this week's new July highs as the US Dollar rallied following "no change" decisions on sub-zero rates and record QE bond buying from both Japan and the 19-nation Euro currency zone – the world's 4th and 2nd largest economies respectively.

Three of the Bank of Japan's 10 voting members dissented for the fifth meeting so far in 2017, saying that negative rates on commercial bank deposits risk "adverse effects" and calling unlimited quantitative easing – which now target a 0% yield on 10-year Japanese government bonds – "excessive".

The Yen retreated from 3-week highs versus the Dollar while 10-year JGB prices slipped on today's news, edging yields higher towards 0.08% per annum.

Tokyo's Topix share index rose to new 2-year highs, but remained over 40% below its all-time peak of 1989.