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ECB ‘Monetary Amphetamine’ Propels Gold to Best Start Since ’79

  • Draghi’s move to drive rates lower ‘fires up’ gold, BMO says
  • Yields on more than 40% of euro-zone sovereign bonds negative
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Gold Price Feeds Off Fed in Climb to Two-Week High

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Once again, gold is getting a boost from a central banker, only this time it’s not Janet Yellen.

The European Central Bank, led by Mario Draghi, plunged into the corporate bond market on Wednesday, buying the debt of some of the continent’s biggest companies. ECB buying of government bonds has pushed yields down to records, with more than 40 percent of securities in the Bloomberg Eurozone Sovereign Bond Index offering negative yields.