Copper and Silver gained today following shifting expectations about the outcome of Ben Bernankes testimony at the U.S. Joint Economic Committee. The minutes of Feds May meeting are also scheduled to be released later in the day. Silver went up 0,6% on the day and traded at $22.59 on the Comex division of the New York Mercantile Exchange. Silver, like gold, benefits from an environment of easy money, because of expectations that high liquidity will limit the value of a paper currency.
Copper gained 1,2% on the day and traded at $3.383 a pound. Copper traders are also looking into important manufacturing data from China, the worlds biggest copper consumer, scheduled to be released on Thursday.
Last week FED representatives stated that the central bank should slow down its bond buying or even shut it down in the near future, based on some positive information about the economy.
Sentiment has shifted since then and yesterday James Bullard, St.Louis Fed president, said that the central bank should not scale back its monetary stimulus program and continue with the same pace.
William Dudley, New York Fed president, seems to have changed his opinion and said he was previously overly optimistic about growth.
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