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TANGIBLE INVESTMENTS - Los Angeles - by James O'Dell - Gold and silver are seeing some profit taking on Wednesday, after hitting four month highs as Gold eases to $1,328.90 an ounce, and silver dips to $21.29 an ounce, but the yellow metal remains poised for its first back-to-back monthly gains in six months. "Yes, I've quietly turned bullish on gold for a few reasons." said Dennis Gartman of The Gartman Letter.

"Firstly, beginning five and six weeks ago we started to see a lot of the mining companies- even the largest gold mining companies- begin to curtail production. That's always a sign of an end of a bear market." Two, "I don't see any major reduction in accommodation that the Fed is pushing into the system. We are far from tightening; we are still aggressively easing, with $65 billion still going into the system between each FOMC meeting. Yes, that's down from $85 billion, but still, those are massive injections of reserves into the system. The Bank of Japan is doing even more than the Fed."
 
In addition, gold demand from China looks likely to continue at 2013 levels, according to analysts, with import estimates rising to over 2,000 tons. Meanwhile, Boston Fed President Eric Rosengren, suggested on Wednesday that the Fed should be cautious when scaling back its quantitative easing (QE) program due to persistent damage to the U.S. labor market.
 
“There remains significant slack in labor markets, above and beyond the slack usually represented by the standard unemployment rate,” said Rosengren in prepared remarks. “Such conditions call for a very patient approach to removing monetary policy accommodation, particularly given the softness in recent economic data.” The Boston Fed chief bolstered his argument by pointing to the slow growth in labor compensation and the 7.3 million part-time workers who can’t find full-time jobs.
 
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