Gold and silver gained 1.2% and 3.2% respectively on Thursday after two leading Federal Reserve officials “underlined their support for an accommodative monetary policy,” reports Dow Jones, “saying the fragile U.S. economic recovery still merited support from the central bank.” In a trenchant analysis, Dan Norcini dubs it “The ‘Dudley’ Rally,” referring to comments by New York Fed President William Dudley that “it is still too soon to conclude that we are out of the woods, as underlined by the March labor-market release.”
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