With Friends Like These Does Gold Need an Official QE3?
Although the trading week started quietly for precious metals, gold and silver surged after the Federal Reserve’s latest Federal Open Market Committee meeting. On Wednesday, the Fed announced it will not increase its benchmark interest rate until at least late 2014, citing that record-low interest rates are still needed to help boost the sluggish economy. Furthermore, Fed Chairman Ben Bernanke explained that quantitative easing is “an option that certainly is on the table.”
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