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CCTV Script 21/05/2013

This is the script of CNBC's news report for China's CCTV on May 21, Tuesday.

Welcome to the CNBC Business Daily.

It's been a roller coaster ride for the precious metals market. Gold surged almost 3 percent in New York trade on Monday, reversing a seven-session slide. Silver added some 2 percent, recovering from an early dive when it hit 2-1/2-year lows.

Investors are still uncertain over the Fed's next move.

Charles Evans, President of the Chicago Fed, said that the FED could end its bond buying program abruptly in autumn, IF the jobs situation started to improve.

Meantime speaking to CNBC, Dallas Federal Reserve President Richard Fisher, who is in favor of winding back QE, warned against doing it too hastily.

Have a listen.

[Sound on tape Richard Fisher, Dallas Fed President: You just slow the pace, and the question is.. We have to hammer this out of the table, by how much do you slow the pace when you decide to dial back or reef in. Not stopping. I think that would be too violent for the market place. That's my opinion]

Meantime, holdings in the world's largest gold-backed ETF, the SPDR Gold Trust, hit its lowest in more than four years. Year-to-date Gold prices have fallen some 17 percent.

So was the 3 percent pop overnight just a dead-cat bounce? Maybe not. Our next guest says that as inflation starts to resurface, it will also help rebuild the case for gold once again.

[Sound on tape David McAlvany, CEO, McAlvany Financial Group: Our sense is that the markets are a lot like 1976, the markets are getting ahead of itself in that judgment, there's more inflation in the pipeline than investors realize and as we move into 2014 that will remerge as a primary theme with those investors coming right back into the metals market. Again, as an alternative to foreign currencies and an alternative to the dollar.]

Investors will be paying close attention to the dollar direction as Ben Bernanke heads to the hill on Wednesday. But McAlvany says that the Fed Chief's comments will only pose a small event risk.

Here's why.

[Sound on tape David McAlvany, CEO, McAlvany Financial Group: I think he's definitely going to influence the volatility within the commodities space but he won't define the commodities market, its still going be based on supply and demand fundamentals.]

[Sound on tape Chris Tedder, Research Analyst, FOREX.com: And the expectation right now is that he's going to try to ease back on the rhetoric in the markets saying that they are going to taper off sooner than expected, given what we have seen come out of the US lately, we think that's the right thing to do.]

Chloe Cho, from CNBC's Asia headquarters.

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