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Reuters reported that gains made by gold shares have pushed the TSX exchange to a 19-month high.
Reuters reported that gold share gains are driving the TSX. The Canadian exchange reached a 19-month high following comments from an European Central Bank official who stated that Eurozone inflation pressures are leveling off, an indication of continued monetary easing.
However, concerns still exist that the spike in gold prices might be a short-term bounce. Arthur Salzer, CEO of Northland Wealth Management stated:
There is a little bit of buying in the commodity sector. But we don’t think it will last. We are not adding to the positions we have in gold stocks right now. We’re still waiting for a little more weakness.
As quoted in the market news:
The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE was up 30.91 points, or 0.24 percent, at 12,889.40. It earlier reached 12,904.71, its highest since August 2011.
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