PRLog - April 10, 2012 - SAN JOSE, Costa Rica -- Disappointing employment data helped gold extend gains from yesterday amongst fears that another stimulus package may be on the way from the federal reserve. Brokers around the world are on the same consensus, which is that gold is on the up.
"The Fed knows exactly the same as we do already, which is that the economy is in trouble in a big way and in these sorts of situations gold always triumphs. We can be comfortable in looking for a big increase over the coming months." says Jim Steele at Accredited FX in San Jose, Costa Rica.
Mr Steele has many fundamentals behind his decision to stick with gold. Here are a few of his reasons:
* Spot gold gained 0.2 percent to $1,643.69 per ounce at 0025 GMT
* It gained almost 1 percent to $1,648.5 per ounce previously
* Most Street firms already expect the employment market and the struggle of the economic recovery to empower the Fed to undertake more in the way of stimulus packages.
Jim Steele goes on to say - "We all know full well what will happen already. The Fed will announce another round of quantitative easing, to help with current financial woes, which it will not. It will however lead to an increase in the price of spot gold."
We still have to wait to see what happens in the coming China trade data that is due to follow in the week to come. This will show the growth in the second largest economy in the world and give valuable information to gold investors, worldwide.
# # #
Accredited International provides Forex trading services to corporate and institutional investors throughout the world from their head office in San Jose, Costa Rica.
Accredited FX is the managed accounts division of the company and provides Forex trading services to retail investors with minimum account balances starting at $5,000. Clients have access to one of the most sophisticated online trading systems available.
To open an account with Accredited FX, please visit our website at http://www.accreditedfx.com or call our client services team at +1 855 274 7539.
Forex trading involves substantial risk of loss and is not suitable for everybody. Only risk capital should be invested.