More: http://www.livetradingnews.com/bank-of-england-on-gold-and-silver-57496.htmThe debate continues on whether the US Fed Chairman Bernanke will release more quantitative easing (QE-3), other banks are removing doubts.
Wednesday, The Bank of England’s Monetary Policy Committee voted to add another £75-B of QE in order to support the weak UK economy. This is a Bullish sign for precious metals long term IMO.
Now, the BOE is launching another round of quantitative easing (QE) worth £75-B, after discussing earlier this month to inject between £50 and 100 billion, the Monetary Policy Committee voted 9-0 for more QE. In September, only one MPC member wanted more QE, but now, all 9 members are in favor of more QE after citing a dramatic deterioration in the International outlook as a Key factor.
The move to put more QE into the economy is another example that central banks are willing to print more money in order to temporarily prop up the economy. Investors take refuge in Gold and Silver because this money printing devalues Fiat currencies.
The race to the bottom has resumed. aperbag: