Bernanke ???…..update after testimony at 11:47 AM CDT
Obviously with his intial testimony this morning it appears that I was wrong in thinking that Bernanke believed in something beyond inflation generation.
Update at 11:47 AM
So what we are ending up with is a short-term blowoff in gold. What Ben said is that he thinks the economy is going to improve in the second half of 2011, but if it doesn’t he will do something new and untested. Ok, the point now is when is he going to determine whether he is right, in the meantime, all bets are off on the markets.