Gold Hits Its Highest Levels Since March, As 'Another Central Bank Dusts Off The Punchbowl'

Another Central Bank Dusts Off The Punchbowl is the title of the morning note from Nomura. It refers to the Bank of Japan’s decision to do more QE.

The one sentence summary from Nomura:

The BOJ decided to increase the total size of its asset purchase program by about JPY10trn (¥5trn in discount bills and ¥5trn in long-term JGBs) and will remove the minimum bid rate (currently 0.1%) for the outright purchase of JGBs and corporate bonds.

Gold is now at its highest levels since March.

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