from Gold Silver Worlds:
A surprising and sharp move higher started the trading day and week. Futures of most equity markets jumped more than 1% at the opening of the Asian trading sessions. Gold and silver started slightly higher.
The driver was the news about Larry Summers’ resignation for the function of US Fed Chairman. As Summers would not aim for additional monetary easing, the news was interpreted as positive for the markets (i.e. more money printing coming). Reuters wrote today: “Stocks and bonds on major markets rose on Monday after former U.S. Treasury Secretary Lawrence Summers withdrew from consideration to be the next chairman of the Federal Reserve, leading investors to believe U.S. monetary policy might stay looser for longer.”