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Gold

Janet Yellen's testimony today before the Senate Banking Committee was not much out of line with what she and the semi-united Fed have been saying since its last meeting. It was marginally - and we stress marginally - more hawkish than earlier statements.

Not a great way to start the week for precious metals bulls. Fundamentally, there was a rather unusual confluence of events that separately could not have caused as much havoc as they did all together.

This week has brought us some very interesting fundamental input that's influencing precious metals prices.

This week has brought us some very interesting fundamental input that's influencing precious metals prices.

Although it should not have come as a surprise to the world financial community, there seems to have been a bit of shock and awe created by the news that Portugal's Espirito Santo Bank conglomerate was missing debt payments. An audit in May shouted the warning, but it largely went unheeded.