Gold (GLD) Higher as Bernanke Defends Monetary Policy
Tweet Send to a Friend
Gold is ticking higher on the session amid comments from Fed Chairman Ben Bernanke today. Bernanke is issuing the Fed's Semiannual Monetary Policy Report to the Congress. (For a full transcript, click here.)
In part, Bernanke said the Fed would continue its bond-buying programs, stating, "To this point we do not see the potential costs of the increased risk-taking in some financial markets as outweighing the benefits of promoting a stronger economic recovery and more-rapid job creation."
The continued policy will weigh on the U.S. dollar for the time being, making dollar-denominated gold contracts cheaper to outside investors.
Gold April contracts are up $31.7 to $1,618.3 per ounce on the Comex. Traders will be keeping an eye on the SPDR Gold Trust (NYSE: GLD) and iShares Gold Trust (NYSE: IAU). Silver is also up on the session, with the iShares Silver Trust (NYSE: SLV) above 1.1 percent positive.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
In part, Bernanke said the Fed would continue its bond-buying programs, stating, "To this point we do not see the potential costs of the increased risk-taking in some financial markets as outweighing the benefits of promoting a stronger economic recovery and more-rapid job creation."
The continued policy will weigh on the U.S. dollar for the time being, making dollar-denominated gold contracts cheaper to outside investors.
Gold April contracts are up $31.7 to $1,618.3 per ounce on the Comex. Traders will be keeping an eye on the SPDR Gold Trust (NYSE: GLD) and iShares Gold Trust (NYSE: IAU). Silver is also up on the session, with the iShares Silver Trust (NYSE: SLV) above 1.1 percent positive.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Silver, Gold Active as Bernanke Expresses Some Concerns (SLV) (GLD)
- Loeb's Third Point LLC Enters Anadarko (APC), NXP Semi (NXPI), Tiffany & Co. (TIF); Exits Herbalife (HLF), Morgan Stanley (MS)
- Cooperman's Omega Advisors Gets Into Gold and Silver ETFs (GLD) (GDX) (SLV) (more...)
Create E-mail Alert Related Categories
Commodities, ETFs, FedRelated Entities
Ben S. Bernanke
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
