It's happened again. Mr. Bernanke has given gold and silver another big boost.
As one Zero Hedge reader put it: "Bernanke is like viagra for gold charts."
In a question and answer assembly today, Ben Bernanke publicly analyzed his outlook for the U.S. economy in lieu of debt, unemployment, and the correlated crisis in Europe.
His consensus was precisely what experts and analysts predicted he would say: the labor market here in America is far and away from attaining normal stability. Despite some economic improvements in the past year, Bernanke asked lawmakers to reduce the long-term budget deficit in an attempt to restore economic health.
As Bernanke rambled on about the alarmingly high rate of long-term unemployment, goldbugs among the televised audience were pleased to watch market reactions...
As the dollar plummeted, gold futures experienced a strong rebound with an advancement of$16.20late this morning. The 0.9% price increase brought gold up to $1,641.10 per ounce.
This is fantastic news for long-term gold bugs; especially after gold rallies last month were the highest we've seen in about 29 years.
Silver bulls weren't let down either. Investors were happy to note that silver also surged by 0.6% – up by $0.20 – settling at $33.95 an ounce.
Take a look at this precious metals chart from the last time Bernake opened his mouth, courtesy of ZeroHedge: