Does Janet Yellen Give Gold a Reason to Glimmer?

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Nov. 15 (Bloomberg) -- Bloomberg Economics Editor Michael McKee looks at the impact of comments on gold by Federal Reserve Chairman-nominee Janet Yellen during her Senate confirmation hearing. He speaks on Bloomberg Television’s “In The Loop.”

Not given up on the precious metal.

Goldman up yesterday after janet yellen's operation hearing.

Why is -- while it is hard to make a case whether gold will go up or down, you have john paulson and george soros giving a lift to the gold budget.

According to a filing, he had 10 point 25 -- 10.25 shares.

No word from soros on why he bought one million shares of the market.

That fund is down 47% this year.

He sold 3 million shares in the second quarter.

Perhaps they're hoping that janet yellen will be good for the gold market.

She was asked about it yesterday and the gold bugs kind of got excited.

I'm not sure why.

Ben bernanke said no one understands gold prices.

He said he does not pertain to understand them either.

Yellen said this -- it is an asset that people want to hold when they are fearful about potential financial markets catastrophe or economic troubles and tail risks.

You would have to torture that statement to get it to be an endorsement for gold.

You would have to torture gold a lot to have confidence it will go up in the future.

You want financial market turbulence, we had the debt ceiling debate and gold prices went lower.

They are going lower again today.

That yellen bounce did not last long.

Only a few hours, it seems.

Mike mckee.

In washington, we are taking a look at the affordable health care act fix that the president announced yesterday morning.

It allows states to reinstate plans if they do not meet the men of him -- the minimum coverage requirements.

This is a one-year reprieve.

Who comes out on top?

One clear winner was congressional republicans.

They had their i told you so moment.

The president said he and his administration fumble.

He said aforetime just today.

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