The Federal Reserve minutes were released today from their June 20th meeting. (The recorded discussion of what they were talking about before making the decision on how to proceed forward with interest rates or additional stimulus/printing)
After churning through the minutes the market found this nugget in the body:
"Some participants noted that if economic growth remained too slow to make satisfactory progress toward reducing the unemployment rate and if inflation returned to relatively low levels after the effects of recent transitory shocks dissipated, it would be appropriate to provide additional monetary policy accommodation....A few members noted that, depending on how economic conditions evolve, the Committee might have to consider providing additional monetary policy stimulus, especially if economic growth remained too slow to meaningfully reduce the unemployment rate in the medium run."
"Additional monetary policy accommodation" would mean QE3, which means printing to purchase assets.
Gold's reaction to the news, as it blasted toward a new all time record high:
Now we just wait for Bernanke's announcement that QE3 is official before gold makes the next launch toward the $2K line. We can only hope that oil and food prices do not rise as well (they will) as already struggling Americans try to find a way to pay for the surging cost of living.