gold back up over 1580 overnight, page-13

QE3, bets on the table - Gold to bounce
•Yesterdays WSJ comments regarding sluggish growth, higher unemployment, and discussions around when the fed would move to kick start the faltering economy sends a clear message to investors that the Fed is starting to revisit the possibility of QE3 a stance which we believe is bullish for gold.
•The metal has traded well off it's high's of $1,900/oz back in 2011 to a more stable range of $1550-$1,650/oz and was up 2% overnight to close at $1612/oz. We expect a continued state of economic uncertainty across Europe and the USA including low GDP growth, higher debt levels and higher unemployment increases the chance of the fed stepping in and intervening with a new round of economic stimulus.
•Bernanke also highlighted the “fiscal cliff” that currently exists and the possibility of the crisis deteriorating in Europe remains a significant risk. We expect this could be happen sooner rather than later and highlight a rebound in gold price which would be positive for physical gold and gold equities

http://www.fostock.com.au/announcements/qe3-bets-on-the-table-gold-to-bounce