Gold and silver are posting impressive gains through the first two days of this week, mostly thanks to safe-haven demand. The bullish outlook on precious metals continues to hang around the marketplace and so long as the USD and US equities do not make any sort of large rallies anytime soon, the upward trend of both precious metals is likely to continue.

Tuesday was a quiet one as far as economic data was concerned, with almost none to talk about and even less having any real impact on major markets. The one event that did catch the market’s attention, at least temporarily, was the inaugural address by the newest chairperson of the Federal Reserve, Janet Yellen.

Yellen’s Remarks More Dovish Than Anything

Janet Yellen was a long-time favorite to take over the seat of the head of the Federal Reserve, and just a few weeks ago it was announced that she would, in fact, be Ben Bernanke’s replacement. Investors and market analysts alike were drawn to Yellen’s address to Congress today because it offered the first taste of what life might be like with Ms. Yellen in charge of the Fed.

Through her remarks, Ms. Yellen made it clear that she is none too different than her predecessor. While she did not offer up any real information with regard to the questionable future of monetary policy, she did give us an idea of what to expect going forward. As it stands, a large majority of the market still thinks that the Fed will continue with tapering at their next meeting. Though recent economic data out of the United States has been a bit disappointing over the last few weeks, the overall strength (the data we have witnessed over the last half year or more) of the economy is still nothing to write off.

A few other high-ranking members of the Federal Reserve are expected to speak today, though it is not likely that they will offer any clear-cut insight into what the Fed is thinking about doing at their next policy meeting.