Gold shot to new record highs today on Fed chairman Ben Bernanke’s remarks that “gold is not money“, and regarding the US central bank preparing another round of monetary easing policy should economic conditions warrant. The recent US economic data has been anemic, highlighted by the unemployment numbers coming in higher than expected.
The US dollar index slumped as Bernanke spoke, while gold and silver prices rocketed higher. Silver is now trading over $38 an ounce, breaking out of its recent range-bound trading action.
Youtube silver trader endlessmountain posted his reaction to today’s rally in the price of silver, and mentioned a possible “reverse Bart Simpson” pattern forming, with potential for a fast upward spike.