Ben prints – Gold jumps

The Federal Reserve chairman Ben Bernanke started another round of Quantitative Easing (AKA QE3 / Printing Money) yesterday and (predictably) Gold jumped from £1074 / oz to £1098 / oz in short order.

Anyone paying attention will know from today that their cash is worth a little bit less now. Anyone seriously paying attention moved their savings from banks ages ago into Gold, Silver, Property and P2P lending sites (like ZOPA, Funding Circle).

The whole point of QE is to transfer wealth from productive people (ie normal working people) to zombie institutions (ie banks) to keep them afloat for just a little while longer.

Anyone with a normal savings account earning pitiful (1% ~ 2%) interest rates might want to have a re-think.