by Jesse
As you know Ben Bernanke is giving what is likely to be his last testimony to Congress today as the Chairman of the Fed.
So we see gold doing the old 'wax on, wax off.'
The wiseguys need bullion going into a key delivery month of August at the COMEX. Their registered for delivery inventories are at record lows for this leg of the bull market. Overall inventories are getting thin as well.
Every time this has happened, there has been a marked change in the direction of price, higher.
Time to shake the ETF tree. Tut tut, looks like rain.
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