Metals investors can thank Uncle Ben Bernanke's magic money printing press for another leg up in gold to the $1375 notch today. Silver is knocking on the $24/oz door (won't be long 'till we see $30, at this rate).
Ah, what it must be like to be a counterfeiter with total impunity. That's what Federal Reserve is. Imagine being able to shove some worthless paper instrument into your own mass magic duplicator and out pops crisp $100 dollar bills. Ben's printer will eat anything, especially valueless bank assets, and out pops the monopoly money with pretty pictures of Franklin, Grant, Jackson, etc.
But let's throw in a plot complication. Now, the state attorneys general of all 50 states have snapped on their rubber gloves and are probing the mortgage/foreclosure mess. This virtually assures, as I've been blabbing about, that the foreclosure landscape will undergo a sort of nationwide nuclear winter. Obama and Geithner have both said 'no freeze' needed, but Mr. Freeze is going to have his way through our states. Worse, the questions surrounding proper transfer or mortgages into trusts assure coming mayhem in various mortgage related derivatives markets. It's a mess which the gold and silver market investors sense.
As telegraphed by the latest Fed minutes, add the prospect of more QE (money printing) in a vain attempt by the Fed to keep interest rates at near microscopic levels AND it's no wonder that gold and silver have blasted higher. Do we even want to think of what happens to the dollar's existence if trillions more in Ben bucks are used to save the banksters???? No wonder gold and silver are in TILT mode. What a mess.
To ramble further. These are extremely powerful forces at work. On one side of the ring you've got the Fed/banking cabal and on the other side you've got the metals screaming further dollar devaluation and rising inflation pace. Who will win? I think that metals and commodities will rule the day, but expect both sides to duke it out violently. I don't expect the banks will take all of this lying down. It will be intriguing to see what type band aid the D.c. to NY bunch will attempt to pull out of the box and what type of lies and deceptions will be used. This is only round one.