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Gold Surges on Bernanke Testimony

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  • Description

    FBN’s Sandra Smith on the rise in gold prices.

  • Duration 1:38
  • Date

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This transcript is automatically generated

Take a look at our Fox Business -- that's our -- stationed here at the Chicago Mercantile Exchange and the woman who toils artists.

She knows everything over here are on Sampras victory to CNN.

Chicago hot under the tree program -- -- You're looking at.

The trade as -- -- -- today you cannot ignore what happened with cool unbelievable move and actually in electronics session the globex session on a steamy we're still seeing gold prices skyrocket up about 27 box right now encrypted -- day when Goldman Sachs came out and said.

The gold cycle is over from.

-- thirteenth straight year of gains.

But what happens we got that testimony from Ben Bernanke -- he was off to the races they flock to gold as a hedge against inflation because guess what he defended the Fed's.

Bond purchases.

You do that you weaken the dollar.

He gold prices go up very simple trade but a very important one that's happening exactly but best numbers since November and everybody just like Leo Melamed had -- said.

Everybody expects that -- gold is gonna continue to fall sure enough it turns tail and I think that that's probably what you witnessed.

Every day here at the mark -- depending on.

Which Shia area you're really -- -- that guys on -- and planning out today is the lack of investor interest at spinning gold and that's one reason why the market's been turning very bearish on it.

ETF possession people -- -- lean -- ET -- They've been getting out of there and when you get that weakening investor demand you get a lot of those nervous longs those people that -- hanging on to gold by a thread -- start to shake out of the market.

And that's what really led to this dramatic shot below 16100 and we've got an equity rally you don't often see the two walking lockstep seven thank you very much candor and the -- you go.

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