August 28, 2017 -- Gold and silver prices rose slightly during the past week, boosted in part by some comments from Federal Reserve Chair Janet Yellen. Fed officials and other Wall Street figures held their annual conference in Jackson Hole, Wyoming. The chairwoman defended the Fed's extraordinary policy response to the 2008 financial crisis.

Barack Obama appointed Yellen, and it is not clear whether president Trump will replace her when her term expires early next year. Gary Cohn, the president's Chief Economic Advisor, also a registered Democrat and former CEO of Goldman Sachs, is on a short list of potential replacements.

Markets will open this week grappling with some significant stories from over the weekend.

Texas is beset by massive flooding and wind damage and Hurricane Harvey has shut down significant portion of the nation's oil and gas infrastructure. Gasoline prices spiked to 7-month highs in overseas trading on Sunday evening. North Korea renewed weapons testing by launching three short range missiles on Saturday.

It will also be a big week in terms of scheduled economic data. Investors will get a look at reports on GDP, income and spending, as well as employment. We'll find out if any of this translates to safe-haven buying.

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