Gold heading into weekend looking good.
It’s been an interesting week. Overall it looks to me like a nice floor has been set in for gold during a consolidation period that will help anchor gold and later might provide for a springboard as the season turns (let’s hope the ground hog was right.)
Right now I’m looking at the desk top app tracking gold in real time and it shows the yellow metal at $1,348.70. Silver has been a winner for the day at $29.13 at the moment.
Yesterday’s action was great and since the metal has shed some of those buyers but not many. The reason for the rise appears not to be the unrest in Egypt (man, what a mess that is turning out to be. I hope true freedom comes to the country), but appears to be what Bernanke had to say yesterday.
Apparently the catalyst for the strong move higher in gold today was a speech given by Chairman Bernanke in front of the National Press Club this morning.
Other items for you to go into the weekend with:
Chinese Gold Buying: All Part of the Plan… Indeed it is. Well worth your time to read. Won’t take too long.