Market Desperate For Any Kind of Hint From Bernanke on Future Quantitative Easing

The Fed Statement today has all commodities in 'pause mode' as the market awaits Bernanke’s speech to see if any hints of future QE are made. Gold and the Euro remain virtually flat while silver is slightly down.  As a side note, the British Pound resumed its decline as the first double-dip recession since the 70’s was confirmed...

 

Adrian Ash quotes today’s note from South Africa’s Standard Bank stating that gold could move towards $1670 an ounce on any suggestion of further QE.

 

An important note for gold bugs coming from analysis at Reuters: In summary, it states that the last time gold traded in such a narrow range to the dollar was last June - right before the precious metal added $400 per ounce and hit all-time highs.

 

Click here to read Adrian Ash’s article on the coming environment for gold.