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Yellen Reassures Investors With Speech
Posted March 31st, 2014
TANGIBLE INVESTMENTS - Los Angeles - by James O'Dell - Gold edged slightly lower in choppy trade on Monday, easing to $1,285.00 an ounce, while silver dipped to $19.77 an ounce, following reports that Russian President Putin had ordered a withdrawal of troops from the border of eastern Ukraine. According to a spokesman for Germany's Chancellor Angela Merkel, President Putin called Merkel on Monday to inform her of the order.
"The Russian president informed the chancellor about the partial withdrawal of Russian troops he ordered from the eastern border of Ukraine," said Steffen Seibert in a statement. "On top of that the two discussed further possible steps to stabilize the situation in Ukraine and Transdniestria," he added. The second part of the statement could indicate that the incursion by Russia into Eastern Europe may be expanding.
"The relative strength of the dollar, improvement in some U.S. economic data and easing tensions between Russia and the West are all reflected in the current price action," said Societe Generale's Robin Bhar.
Meanwhile, Fed Chair Janet Yellen, while speaking at a national conference in Chicago on Monday, said that the job market will continue to need the assistance of low interest rates "for some time" to come. It seems that Yellen's remarks were aimed at reassuring investors after she suggested nearly two weeks ago, that the Fed could start raising short-term interest rates just six months after it unwinds its massive quantitative easing (QE) program.
Those remarks roiled markets and sparked the current pullback in gold. "I think this extraordinary commitment is still needed and will be for some time, and I believe that view is widely held by my fellow policymakers at the Fed," said Yellen. The Fed chief went on to describe three American’s personal struggles after losing their jobs during the recession and discovering the difficulty in finding work. "They are a reminder that there are real people behind the statistics," said Yellen.
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