Putin Putting Pressure On Gold: Jim Wyckoff

Fed chair Janet Yellen testifies and gold finds itself below $1,300 on Wednesday as Jim Wyckoff joins Kitco News to give his take on the metal's price action. Wyckoff says that Yellen's testimony was being closely watched this morning to gauge where the central bank sees the U.S. economy heading. "What she did say was that the U.S. economy is on the upswing...and that served to put some downside pressure on gold," he adds. Wyckoff says that Russian president Vladimir Putin's comments today also added some pressure on gold because the marketplace deemed his message to favor de-escalating tensions in Ukraine. Wyckoff also comments on the ECB meeting on Thursday and says policymakers will need to figure out how to deal with the 'extremely' low inflation rate in the euro-zone, which has raised concerns of deflation. Tune in now to get Wyckoff's market ratings for both gold and silver on this edition of "Technically Speaking." Kitco News, May 7, 2014.