by Mark O’Byrne
Gold was up 1.5% and silver surged 3.1% yesterday after Janet Yellen again failed to raise rates from record lows at 0.25%. The Fed maintained ultra loose monetary policies which are again creating stock and bond market bubbles in the U.S. and other countries.
[…] Global stocks and commodities also rose on continuing relief that the Fed continues ZIRP and remains ultra loose along with the BoJ, BOE and ECB whose policies are even looser. The BoJ also maintained ultra loose monetary policies at negative 0.1 percent rate and said it would continue buying government bonds at the current pace for the time being.
Spot gold prices hit a two-week high of $1,336.8 an ounce after the Fed said that it would keep rates at record lows. Silver rose to as high as $19.86 and both precious metals have consolidated on those gains in Asian and European trading.
Euro gold rose to €1,194/oz and sterling gold to £1,024/oz.