Market Report: Sharp Recovery

by Alasdair MacLeod
Gold Money

Gold and silver enjoyed a strong recovery in the wake of an atrocious jobs report last Friday.

Gold and silver prices were given further upside momentum when Janet Yellen, speaking at the World Affairs Council in Philadelphia on Monday, consequently took a softer line on interest rate rises. Gold, which had bottomed at $1200 on Wednesday last week, took off like a scalded rabbit on last Friday’s jobs release, gaining $22 in seven minutes. If nothing else, the sharpness of the move reflected the high level of short-term bearishness. Anyway, it appears that the consolidation phase of this year’s gains may well be over – until, that is, we get the next interest rate scare.

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