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Author Topic: Market Commentary - Feb 03, 2011 - Gold & Silver Pop on the Bernank  (Read 683 times)
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tamo42
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« on: 2011 Feb 04, 05:02:01 am »



As it turns out, yesterday was the calm before the storm. In addition to an actual storm raging in the South, our illustrious chairman, The Ben Bernank, gave a speech to the press. Among other things, he basically said that the monetization of the debt will continue and that despite rising commodity prices, inflation is still too low. Traders responded by driving up the prices on everything.
Let's look at today's numbers:

US Dollar ETFGold ETFSilverDow 30S&P 500
22.35+0.80%  1322.00+1.34%  28.84+2.09%  12,062.26+0.17%  1,307.10+2.04% 

As you can see, everything went up. Even the dollar, which would normally be going down if everything else went up. If you look at the graphs on gold or silver, you will see a spike in the middle of the day - that was the speech. The market has definitely rejected Bernanke's idea that inflation is too low when every agricultural commodity is hitting record highs.

Silver is approaching a resistance level of 29. We'll have to wait and see if it pushes through or retreats.

Happy trading!

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Neal McSpadden
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