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TANGIBLE INVESTMENTS - Los Angeles - by James O'Dell - Precious metals prices retreated in choppy trade on Thursday as gold dipped to $1,287.60 an ounce, and silver eased to $19.84 an ounce, after the dollar firmed when the European Central Bank (ECB) kept rates unchanged at a record low of 0.25 percent, while vowing to use "unconventional measures" to fight sinking inflation in the euro zone.

International Monetary Fund (IMF) Director Christine Lagarde urged ECB policymakers in a speech on Wednesday to take steps to combat the euro area's declining inflation saying "More monetary easing, including through unconventional measures, is needed in the euro area." Inflation in the euro region has slowed to 0.5 percent, a level just one-fourth of the ECB's two percent goal.

ECB president, Mario Draghi seemed taken aback by Lagarde's remarks, saying on Thursday that he doubted the IMF would have dared to lecture the Fed in the same way before its policy meeting. Draghi remarked: "the IMF has been of recent extremely generous in its suggestions on what we should do or not do," adding that the ECB's views are in essence different from the IMF's.

"The monetary policy of the FOMC and the ECB are likely to remain the major driver for gold in the medium term for their impact on the currencies and stock markets," said Peter Fertig, of Quantitative Commodity Research.

Meanwhile, Peter Schiff of Euro Pacific Capital Inc., says that in order for the Dow/Gold ratio “To get back to its historical average, either the Dow is going to have to drop significantly or gold will have to skyrocket. I believe it will be a combination of both.” So far, 2014 has been a paradoxical year for gold, said Schiff.

"Many investors aren't even aware that it has rallied almost 8 percent. On the rare occasion that the financial media mentions the yellow metal, it is only in the context of comparing the recent rise to last year's decline. In spite of this overwhelming negative sentiment, gold is experiencing a stealth rally as one of the best performing assets of the year."

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