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Yellen Says QE Taper Not In Stone
Posted February 27th, 2014

TANGIBLE INVESTMENTS - Los Angeles - by James O'Dell - Gold and silver prices edged up modestly on Thursday in choppy trade with Gold currently at $1,330.15 an ounce and silver at $21.22 an ounce as the dollar firmed near a two week high against a basket of major currencies, while the physical gold market in Asia was on the sidelines waiting for gold to weaken. It could be a long wait, as the technical outlook for gold in the shorter term remains bullish.
 
In Eastern Europe, tensions on the Ukraine's Crimean peninsula remain heightened after Russian President Putin put the military on high alert.  Ukrainian interim President Olexander Turchynov warned Russia early today against any "military aggression" in Crimea, a historically Russian peninsula, after an armed group occupied the Parliament building and hoisted a Russian flag. Officials from NATO also issued a warning that they would back the inviolability of [Ukraine’s] frontiers.
 
Relations between Russia and the U.S. have not been this tense since the 2008 war between Russian and Georgia. “Should events in Ukraine deteriorate and involve neighboring countries, gold could benefit from increased safe haven demand,” said HSBC. “Gold is often sensitive to geopolitical developments, especially when they involve large economies or important regions.”
 
In the U.S., Fed Chair Janet Yellen finally appeared before the Senate Banking Committee on Thursday after her original Senate testimony was cancelled two weeks ago due to heavy snowfall in DC. In Yellen's first appearance as Fed chief, she acknowledged that “we have seen quite a bit of soft data over the last month or six weeks,” and pointed to jobs, housing, retail sales and factory production.
 
“What we need to do . . . is to try to get a firmer handle on exactly how much of that set of softer data can be explained by weather and what portion, if any, is due to a softer outlook”, said Yellen. On the Fed's quantitative easing (QE) program Yellen added, “Asset purchases are not on a preset course. If there’s a significant change in the outlook, certainly we would be open to reconsidering…”

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