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« Gold-Prices.biz: Stock Trader Update 08 May 2014 | Main | Jim Rogers: Governments Will Loot Pensions, Savings – Hold onto your Gold »
Thursday
May082014

Draghi, worried by strong euro, says ECB poised to act as soon as June

(Reuters) - The European Central Bank is ready to take action next month to boost the euro zone economy if updated inflation forecasts merit it, its president said on Thursday, warning outsiders not to pressure the bank into action.

Stressing that the euro's strength was "a serious concern", ECB chief Mario Draghi said the exchange rate would have to be addressed, adding that the bank's policymakers held a discussion about "all instruments" at their meeting in Brussels.

Euro zone inflation ticked up to 0.7 percent in April from March's 0.5 percent, but remains far below the ECB's target of just under 2 percent, and Draghi said: "There is consensus about being dissatisfied with the projected path of inflation."

"The governing council is comfortable with acting next time but before we want to see the staff projections that will come out in early June," he told a news conference after the ECB left interest rates on hold, as expected.

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The miners have started 2014 very well indeed on the back of rising gold prices, so the question is; is this the real deal or another head fake? Is the bottom really in? Could there be a final capitulation just ahead of us? Will the summer doldrums take the PMs lower?

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