We are all holding our collective breath to see what the Fed Chair Ben Bernanke will say later this afternoon. The indication this morning is the Fed is going to hold off any further Quantitative Easing for the remainder of the year. We will see how this gets spun by Bernanke and if his wording will leave any room for the Fed to fire up the printing presses.
This didn’t keep Gold from pressing forward this morning. The pressure of the Euro-Debt crisis is continuing to push the yellow metal back towards the mid $1,700’s. Until this crisis is resolved in some manner you will see gold trend much like it did in the summer months while the US Debt Ceiling Crisis was in full swing.
Meanwhile we wait to see how the markets react to Bernanke’s press conference to see if he adds any fuel to Golds current upturn. Tune in later we will have an update to this blog after Bernanke’s speech.