01 September 2012 17:00

In his speech at Jackson Hole, Ben Bernanke described the U.S. economy as “far from satisfactory”.

He went on to say that the current level of unemployent is a “grave concern, not only because of the enormous suffering and waste of human talent it entails, but also because persistently high levels of unemployment will wreak structural damage on our economy that could last for years”.

His comments were generally taken to mean that the Fed would likely ease monetory policy if the economy does not improve soon, and gold rose by $36 to $1,691.60.

We have sold some gold into this strength.

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