Janet Yellen indicated she’ll press on with the Federal Reserve’s unprecedented monetary stimulus until she sees a robust recovery, downplaying risks the policy is inflating asset bubbles. The commodities acted positively as did markets. Gold rises +2.50 at $1,288.50USD/oz; Silver recovers to 20.75 +0.3 leaving the Gold Silver Ratio at 62.11 widening from historical norms, something has to give? Oil breaks the $94.00 level <0.03> @ USD$93.78/Barrel.

Are lower prices at the pump coming, haven’t been impressed as the Government coffers get full the higher the price of gas is at the pumps. The indirect taxes are making their fiscal projections look better than forecast. It is not the policy presented but the gauging of the average citizen that continues to pay the price while these opportunists take credit for being in the right place at the right time on our dime.

Note movements are based on previous days close.

 

Philip Magnoli- My friends call me Don Filippo – The FX Specialist-www.donfilippo.ca

416-362-1300  1-877-943-6739