Gold & Silver, STAFF NEWS & ANALYSIS
Thanks to Yellen, Gold Will Bounce Back
By Daily Bell Staff – May 30, 2016
Speculative traders abandon gold in latest week … Gold prices fell Monday, moving in the opposite direction of the U.S. dollar, which soared after comments by Federal Reserve Chairwoman Janet Yellen last week indicated an interest-rate hike could come this summer. –MarketWatch
Today, gold prices have been clinging to around $1,200 against the dollar. It is becoming increasingly obvious that the Federal Reserve has two goals.
One is to keep the dollar strong against gold and the other is ensure that the world’s quasi-depression continues.
Yellen doesn’t say so, but this will be the result of her actions.
“It’s appropriate — and I have said this in the past—for the Fed to gradually and cautiously increase our overnight interest rate over time,” Yellen said…