by Jan Skoyles, TheRealAsset.co.uk
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Much of the panic driving the fall in the gold price has been due to concerns over the winding down of the Fed’s quantitative easing programme. Fears of inflation, which had previously driven some to invest in gold, appear to have subsided and those worried about distortions in the market, as a result of money printing also have regained their confidence.
The main peddlers of these beliefs are, of course, central bankers and the mainstream media. It is understandable given the data to come out of the US economy recently. For instance, the -53 year low inflation and the improved state of economy according to both the Philadelphia and New York indexes which showed a strengthening in business and economic activity respectively.
So does that mean that we have learnt a lesson here? That banks can print money and there are no adverse consequences? Of course not, and the author below gives central bankers, namely Bernanke, some credit for knowing that they must keep the economy on a steady path.
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