By Chris Berry

• Precious metals roared higher yesterday.
• This was presumably due to a confluence of events including Iraq dissolving into civil war, more unrest in the Ukraine, and Fed Chair Yellen's dovish remarks regarding keeping rates low for an extended period.
• Lest we get too excited, base metals were left in the dust and bond yields fell precipitously.
• These two reliable indicators of growth (and inflationary expectations) lead us to believe that what happened yesterday was either short covering or a profit taking opportunity and nothing more.

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