Auguries—Chicken
July 19, 2012
By Kevin Michael Grace

Gold was up (at press time) $9.70 (+0.6%) for the week to $1,580.90, and silver was up $0.08 (+0.3%) to $27.13. GoldCore reported July 19, “Gold has gained this morning after two straight days of Bernanke-testimony-related slight losses, and gold is testing resistance at the 50-day moving average at $1,586 per ounce.”

Bernancus Magnus admitted that the Fed has revised downward its already droopy growth projections, and “Given that growth is projected to be not much above the rate needed to absorb new entrants to the labour force, the reduction in the unemployment rate seems likely to be frustratingly slow.” For the time being, however, the Great One’s motto remains, “We will unleash no quantitative easing before its time.”

Read more about gold prices.