Never count a gold bull out. He always has the Federal Reserve in his corner ready to give a speech to send the metal rebounding. Today was that day. Fed Chief Ben Bernanke gave a speech this morning hinting that further stimulus is needed. He does not trust current labor trends to continue and therefore more stimulus should be on the table.
That’s all the gold bulls needed to hear. Hints of QE3 and more money printing. THis sent gold prices sharply higher, jumping nearly 1% on the news. Another miss in housing data did give credence to a continued recovery either. Pending home sales were expected to rise, instead they saw a dip from January to February. [Read more...]