GREY:OLEPF - Post by User
Comment by
tony1969on Jul 10, 2013 9:19pm
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Post# 21600380
RE:RE:Gold will move higher tomorrow......
RE:RE:Gold will move higher tomorrow......Hey GF, Bernanke basically reiterated how much the US labor market sucks and that he will keep printing money for the foreseeable future. I think he will keep printing until he leaves and let the person who comes after him figure out a way to unwind this massive and growing debt.
Here is a key quote from his speech today:
"The overall message is accommodation. A highly accommodative policy is needed for the foreseeable future."
In other words he does not see enough growth to even start reducing much less stopping the money printing. The US has been hooked on 0% rates and that big bump in the 10 year and mortgage rates in the past month does not help growth at all.
Gold is up to $1287 right now as I type this. Lets see if they do not bring it down again. My guess is this time it will hold above the $1250 range I recently talked about and slowly trend higher.