Precious metals are recovering from yesterday’s losses amid the Federal Reserve’s statement that they are holding to the economic stimulus plan and low interest rates they have put in place. The Fed also says that it believes the economic recovery is proceeding at a moderate pace, also saying, “Inflation has picked up in recent months, but longer-term inflation expectations have remained stable.” Apparently, the dollar steadily falling (most recently to a three-year low) is indicative of a “moderate pace” of recovery. This news will likely fall by the wayside shortly, as at 1:30 PM (CT), Chairman Ben Bernanke will hold the first Federal Reserve press conference where he will be answering questions.
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