Fed
chair Janet Yellen testifies and gold finds itself below $1,300 on
Wednesday as Jim Wyckoff joins Kitco News to give his take on the
metal’s price action. Wyckoff says that Yellen’s testimony was being
closely watched this morning to gauge where the central bank sees the
U.S. economy heading. “What she did say was that the U.S. economy is on
the upswing…and that served to put some downside pressure on gold,” he
adds. Wyckoff says that Russian president Vladimir Putin’s comments
today also added some pressure on gold because the marketplace deemed
his message to favor de-escalating tensions in Ukraine. Wyckoff also
comments on the ECB meeting on Thursday and says policymakers will need
to figure out how to deal with the ‘extremely’ low inflation rate in the
euro-zone, which has raised concerns of deflation. Tune in now to get
Wyckoff’s market ratings for both gold and silver on this edition of
“Technically Speaking.” Kitco News, May 7, 2014.
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