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That remark helped to sink the U.S. dollar index and rally gold and silver, on notions the Fed will continue have a very accommodative monetary policy.
The day started out with the announcement that Bank of America would be laying off 16, 000 workers which helped sink the market, but better than expected jobless claims and a Philly Fed index that came in ahead of the consensus estimate, along with a solid IPO pop for real estate research site Trulia, aided the recovery in risk assets.
That report pushed the U.S. dollar index to a fresh seven-week high, which in turn helped to sink most raw commodity markets, including the precious metals.