Gold futures closed higher edging past
the $1,600 mark Wednesday, extending their advance to a fourth session -
perhaps traders considered prospects for further quantitative easing by the
Federal Reserve and other central banks, including the Bank of England, the
European Central Bank and the Bank of Japan.
gold futures prices ended the U.S. day session near unchanged in subdued
trading and today Gold edged up extending its winning streak to a sixth
session as sluggish U.S. data boosted hopes for monetary easing.
With an agreement last weekend to bail
out Spain’s struggling banks, Europe again avoided financial chaos but
it still faces far bigger challenges that threaten the Continent and with it,
the world economy, namely Greece, the tail that is wagging the dog.
It’s the old “domino theory” that has European leaders up
Greece, a country that represents less
than 2% of the eurozone (in terms of GDP), prepares
for elections in two days that could lead to its withdrawal from the eurozone with financial repercussions across the globe.
According to the IMF, Greece’s gross domestic product will contract
this year by 4.7 percent. The country is so dysfunctional that the employees