The Fed has spoken - http://finance.yahoo.com/news/bernanke-may-hint-stimulus-without-0507599... - but there's really little to comment on. Quoting the above article:

"However, in a speech that suggested the Fed chief is taking seriously concerns about the possible effects of unconventional monetary policy, Bernanke did not explicitly signal any monetary easing was imminent."

So, basically, no QE3 so far, only the same talk that we heard in the previous weeks. Nothing really changed today.

Now, the action that followed in gold, silver and mining stocks was very interesting as markets rallied today after a very weak performance before Bernanke's speech. Right now it's too early to say what this means for the following days. Right now it doesn't mean much - dollar is about 0.5% lower than it was at the beginning of the week, gold is also $5 lower, silver is more or less flat and miners (GDX ETF) are 1.70% lower. The key support level in the USD Index held and the same goes for resistance in gold and silver.

Consequently, what we wrote in today's Premium Update remains up-to-date in light of Bernanke's speech.

We will send out at least one more Market Alert before Tuesday.

Thank you.

Sincerely,
Przemyslaw Radomski