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IMF Warns ECB To Avoid Low Growth Trap
Posted April 3rd, 2014

Los Angeles CA, Apr 3 (Tangible Investments) - by James O’Dell - Gold and silver prices turned sharply higher on Wednesday with gold climbing $11.09 or 0.87 percent, its biggest one day move in almost three weeks, to close at $1,289.70 an ounce after the release of employment data by Automatic Data Processing (ADP) showed that fewer private sector jobs were created in March than economists were expecting. The price of Silver jumped $0.24 or 1.22 percent to close at $19.97 an ounce.

Gold prices, in China, rose to a premium for the first time in nearly a month on Wednesday, after trading at discounts to London prices since early March. European Central Bank (ECB) policymakers will meet on Thursday but they are not expected to announce any new policy measures despite the recent dramatic decline in the euro zone's rate of inflation. The inflation rate hit its lowest level since November 2009, after prices rose just 0.5 percent in the 12 months through March.

With the declining inflation rate putting pressure on Europe’s central bankers to take action, International Monetary Fund (IMF) Director Christine Lagarde warned policymakers in a speech at the Johns Hopkins School of Advanced International Studies on Wednesday that "More monetary easing, including through unconventional measures, is needed in the euro area."

Lagarde noted that a slowdown in price growth in the eurozone, rising geopolitical tensions in Ukraine, and market volatility, are all factors that could reduce growth in the shorter term. "In 2013, global growth was about 3 percent; we project modest improvements in 2014 and 2015, although still remaining below past trends," said Lagarde. "The risk is that without sufficient policy ambition, the world could fall into a medium-term low-growth trap," she added.

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