What a complete joke...U.S dollar is climbing against every major currency on the planet and for some strange reason, I guess ALL the FISCAL problems in the USA have just simply gone away. It's amazing when Ben Bernanke was delivering remarks to the U.S. Congress today stating the. economy is showing signs of improvement. I hope their economy is finally showing signs of improvement, it certainly can't not get any worse. The state of the U.S is far from pretty. despite the fact Bernanke is wearing rose colored sun glasses and pulling the wool over the public's eye's .The continuing overall EU debt crisis also remains a major underlying bullish factor for safe-haven gold, but that did not stop the investment community from hitting the sell button today.
The Fed chief made no mention of another round of quantitative easing in the works by the U.S. central bank. How the U.S government expects to continue to operate as it does, without making SIGNIFICANT cuts to spending is beyond me. Additional money or stimulus will be needed to keep this stumbling economy afloat, or this house of cards built on nothing more than lies and deception will come falling down. While Bernanke’s comments were not outright bearish for commodity markets, the past four years of very easy monetary policy has been a major underlying bullish factor for the raw commodity sector, including the precious metals. However, it can be argued that improving U.S. and world economic growth prospects would be bullish for commodity markets due to increasing commercial and consumer demand....Why the sell off?
The U.S is in great shape....see "Real Time Debt Clock" link below