Gold Price Sees Biggest One-Day Rise Since November in Response to Bernanke Testimony, Reports Gold Price

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Gold rose back up above the $1,600 mark on Tuesday during its highest one-day performance in three months in response to Bernanke’s assertion of the Fed’s staunch pro-stimulus attitude, reports Gold Price.

Gold Price - GoldPrice.net

Gold Price - GoldPrice.net

If the Fed plans to keep printing money, it only makes sense to buy gold now.

Gold closed at $1,614.11 per ounce after a 1.3 percent rise on Tuesday in a performance that the yellow metal hasn’t seen since November, reports American gold dealer, Gold Price. According to Reuters, gold's gains were seen after Federal Reserve chairman Ben Bernanke’s testimony to the Senate Banking Committee, in which he explained that the Fed is willing to take the risk of continuing its economic stimulus program, and will do so into the foreseeable future. Continued easing by the Fed is good for gold, as gold bulls say it increases the chances that the economy will see hyperinflation in the future.

Arthur McGuire, Vice President of Gold Price, says, “We had a feeling that all the fuss about the January FOMC meeting released last week was no big deal, as Bernanke seems intent on keeping the easing programs in place as long as possible. Despite a few members of the committee expressing concern about unrestrainedly money printing, we saw them vote 11 to 1 in favor of easing, and now Bernanke is telling the Senate that the ‘potential costs’ of the risks the Fed is taking do not outweigh the benefits supposedly associated with easing measures. Chances are high that we will see the costs of those risks, i.e., hyperinflation, which is bullish for gold. If the Fed plans to keep printing money, it only makes sense to buy gold now.”

Gold Price (GoldPrice.net) is a leading precious metals advisor since 1992 with headquarters in New York, California, Texas, Utah, New Mexico and Puerto Rico. Gold Price is also a direct gold and silver dealer, specializing in purchasing, selling and trading physical gold and silver, such as modern bullion bars/coins and certified rare coins. They offer investors a free award-winning gold starter’s kit by visiting http://www.goldprice.net or calling 1-800-767-1423.

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Arthur McGuire
Gold Price
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