Gold Gets Boost From Yellen Comments

  • Posted Friday, August 22, 2014 at 08:10 PM

TANGIBLE INVESTMENTS - Los Angeles - by James O'Dell - Gold and Silver prices were mixed on Friday with Gold gaining $3.55 or 0.28 percent to $1,280.10 an ounce while Silver eased 0.04 to $19.43 an ounce after dovish comments made by Fed Chair Janet Yellen at the Kansas City Fed’s annual economic symposium in Jackson Hole, Wyoming.
 
The Fed Chief's remarks were in line with the message from the minutes of the July Federal Open Market Committee (FOMC) meeting when she underscored the Committee's statement that “underutilization of labor resources still remains significant.” Her speech touched on arguments of how much slack is related to weak demand as opposed to more permanent trends.
 
“Significant structural factors have affected the labor market, including the aging of the workforce and other demographic trends, possible changes in the underlying degree of dynamism in the labor market, and the phenomenon of ‘polarization’ -- that is, the reduction in the relative number of middle-skill jobs,” said Yellen in a speech that spanned 16 pages and included 21 footnotes.
 
“The labor market has yet to fully recover,” acknowledged Yellen, and while more Americans have returned to work during the five year expansion, “a key challenge is to assess just how far the economy now stands from attainment of its maximum employment goal.” Yellen warned that the U.S. central bank must be cautious when determining the correct timeline for an interest rate increase, and blamed the sluggish recovery of the last five years for leaving millions of workers sidelined, discouraged, or stuck in part-time jobs.
 
Yellen said policymakers will be looking at a “wide range” of indicators before making their assessment, adding that “no simple recipe” exists for determining when to raise interest rates when they haven't been raised in eight years.

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Metal BID ASK CHG$ CHG%
Gold 1241.70 1242.40 $7.90 0.63%
Silver 17.20 17.24 $0.33 1.88%
Platinum 1266.50 1269.50 $13.70 1.07%
Palladium 771.80 774.80 $3.00 0.39%
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