Another four hours of testimony today from Ben Bernanke. Mostly boring chatter coming from the political talking heads.
The only highlight of the event comes from Ron Paul. One of the only politicians who was warning about the financial problems before they arrived, and the only one that has an understanding of where we go from here.
Bernanke and Paul's conversations are particularly interesting now because Paul has a Bill moving through Congress to audit the Fed's balance sheet. Bernanke has continued to do everything in his power to discourage the bill from passing. Its almost like watching a battle between good and evil.
Bernanke finishes that interview by stating that M1 and M2(measures of the money supply) are not growing rapidly. Here are the recent updates on those two charts through this week. As you can see they are exploding upward.
The price of gold is seasonal and usually falls during the summer time, however, so far this summer it has stubbornly refused to fall. Hopefully we'll get one more big pullback before the fall so we can reload before crossing $1,000 for good. Here's an update through this week on the price of gold compared to every major American stock index over the past three years: