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Gold, Silver Prices Surge After Fed Fires Up QE3

Thursday, September 13th

Gold and silver prices blasted to fresh six-month highs as the dollar nose-dived after the Federal Reserve dropped the bomb — a highly anticipated, third round of quantitative easing.

The Fed will print money to go on a $40 billion-a-month shopping spree in mortgage-backed securities indefinitely, until the labor market improves. It also said it would keep interest rates low through mid-2015.

"More QE action by the Fed means higher inflation, and this will be reflected both in paper assets and in hard assets," Janice Dorn, co-founder of Jtrader.us, in Phoenix.

In the futures markets, gold prices climbed 1.85% to $1,764 an ounce.

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