Gold Tops $1200 As China Cuts, Draghi Jawbones

First Mario Draghi made some strong statements speaking in Asia that "it is essential to bring back inflation to target and without delay," which sent EURUSD tumbling BUT did not spark moves in the S&P 500 (though Gold slipped). It was not until the PBOC cut rates (and sent AUD surging) that the US equity market perked up and started ripping... along with gold and as the morning progressed, gold has kept going as it is clear the Central Banks of the world have only one policy left... (no wonder the Dutch want their gold back)



It appears that while Draghi's comments impacted European stocks (DAX surged)...


it had negligible impact on US stocks... they were driven by AUDJPY after the PBOC cut