Precious Metals, Markets Bounce on Fed Easing Report

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tdp2664 Commodity and stock prices turned higher Wednesday afternoon after reports that the Federal Reserve is considering a “sterilized” form of bond buying. The Wall Street Journal reported that under the potential program, “The Fed would print new money to buy long-term mortgage or Treasury bonds but effectively tie up that money by borrowing it back for short periods at low rates. The aim of such an approach would be to relieve anxieties that money printing could fuel inflation later, a fear widely expressed by critics of the Fed’s previous efforts to aid the recovery.” Following the report, COMEX gold futures – per the April contract – climbed from $1,674 to as high as $1,687 per ounce.