MTECHTIPS Bernanke testifying before US Congress plus FOMC meeting minutes would drive Gold, Silver

MTECHTIPS:-Bernanke testifying before US Congress plus FOMC meeting minutes would drive Gold, Silver

We still do not know if Ben Bernanke and his team would taper or increase the stimulus measures. The US Federal Reserve has been engaged in bond buying program to the tune of $85 billion a month on an open end basis. The termination of the same has been tethered to the recovery in job markets. The recent employment data released in April suggests that the US unemployment rate stands at 7.5%, a four year low. But will that be enough? The question returns no answer as echo.This is primarily the reason why investors are eager to know what Bernanke would testify before the US Congress this evening. They are also awaiting with an equal degree of intensity the minutes of the last FOMC meeting. Meanwhile, William Dudley, head of the New York Federal Reserve Bank said in a speech and was quoted by the ABC News as saying, "I cannot be sure which way — up or down — the next change will be...over the coming months, how well the economy fights its way through the significant fiscal drag currently in force will be an important aspect of this judgment." Also Tuesday, James Bullard, president of the St. Louis Fed suggested that the US Federal Reserve should continue its current level of bond purchases.