Gold Climbs as Yellen Signals Continued Federal Reserve Stimulus

Gold market update for November 14: Gold is climbing to around the $1290 price level in trading Thursday following higher than expected jobless claims and comments from Fed chairman nominee Janet Yellen that stimulus should not be withdraws until the economy is clearly recovering. This is the first time in 5 days that gold is higher. Improving economic numbers and stock prices throughout 2013 have hammered gold and led many investors to doubt gold as a store of value.  But Yellen’s statements are causing many investors to reassess their positions. According to the World Gold Council, gold is down 23% in 2013 and is on-track for its first loss on the year in over a decade. In other markets, both platinum and palladium are higher. Read more…