Wednesday, July 13, 2011

Gold: New All Time Record High

New all time record high for gold this afternoon as the precious metal continues soaring.  Silver is the leader on the day, blasting up close to 7%.

The catalyst is once again Ben Bernanke, who is currently taking questions before Congress on monetary policy.  Bernanke continues to hint that if the economy continues to slow down, one of the tools in his closet is QE3. 

It is only a question now of whether Europe's continued catastrophic sovereign debt collapse can over power Bernanke's printing press in the short term.

In the long term, all central banks around the world will inject paper money simultaneously to purchase the toxic debt and try to keep the current ponzi scheme going.  Gold will continue to keep its accounting of the paper money created, as it has for the previous 6,000 years.

In the mean time, we can continue to enjoy questions from Ron Paul, such as this one directed toward Ben Bernanke about gold.

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