The European Central Bank’s bond buying plan will provide support for already climbing gold and silver prices, said Michael McGlone, Director of Research at ETF Securities. McGlone added that he sees $1400 as the next resistance point for gold and $20 for silver. He says the ECB’s actions are also indicative of the weak European economy which will also benefit precious metal prices. McGlone is bullish on platinum because of its discount to gold and the spike in European auto sales. He is less positive on palladium, saying that it is giving back some of its gains over the past 2 years and is seeing pressure like other industrial commodities.
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