It seems like the only people worried about this so-called “sequestration”

It seems like the only people worried about this so-called “sequestration” are the government bureaucrats responsible for its existence. U.S. consumers seem pretty happy with the current situation as evidenced by better-than-expected consumer confidence data (Conference Board index up to 69.6), new home sales jumping 15% to start the year and home prices rising 7.3%. The gold was under early pressure on Tuesday as positive sentiment permeated the markets. However, Chairman Bernanke’s rhetoric was just the support the metals needed as his comments before the Senate Banking Committee pushed gold through the $1600 threshold. The yellow metal closed the day at $1615.5. Mr. Bernanke is set to speak to the other side of congress today and although we can’t expect a different speech we can expect a different line of questioning. The Commerce Department reported durable goods orders were up 1.9% in their latest reading. Pending home sales are due at 10:00 am EST. Have a great day!