A-Mark-Precious-Metals-IncEuropean Central Bank President Mario Draghi said today that the ECB will broaden the range of assets purchased and extend its quantitative easing program until at least the first quarter of 2017.  The program will maintain the monthly purchases of 60 billion euros and will expand to include regional and local government debt.  Draghi noted that the central bank is “willing and able” to act beyond these measures if needed.  While the ECB stuck to the course of quantitative easing, the market was expecting even looser policy from Europe’s central bank.  As a result, the euro ended up gaining 4% against the USD on the day, an absolutely huge currency move.  In other times, this should have caused gold and the precious complex to rip substantially higher.  It is somewhat concerning that a 4% move in the euro only caused gold to move up 1%.  Gold remains range bound with the momentum still clearly to the downside, even at these lower levels.