Gold continues 2014 run higher

• London (Feb 10)  Up another 1% this morning, gold takes out a new high for the year at $1,275 per ounce (about 6% higher than it started 2014). A possible catalyst today is the reopening of China's markets after having been closed since January 31 for the Lunar New Year.
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• Looking ahead, there's tomorrow's Congressional testimony from Janet Yellen - her first appearance in front of lawmakers since taking the Fed reins from Ben Bernanke. Plenty of weak macro data has boosted the yellow metal this year, but look for a quick retreat if Yellen is more upbeat about growth than the recent (maybe weather-related) numbers suggest.

Spot gold closed at $1274, while silver closed at $20.09 in very slow trading.