Ron Paul on U.S. Fed QE: Prepare for the Destruction of the Dollar

Todays AM fix was USD 1,355.25, EUR 1,002.18 and GBP 845.39 per ounce. Yesterdays AM fix was USD 1,363.50, EUR 1,005.90 and GBP 848.16 er ounce

Gold fell $1.10 or 0.08% yesterday, closing at $1,365.20/oz. Silver dropped $0.08 or 0.35%, closing at $23.01. At 3:41 EDT, Platinum fell $3.70 or 0.3% to $1,458.80/oz, while palladium rose $13.85 or 1.9% to $730.59/oz

Gold edged off since its rally after the U.S. Federal Reserve decided to maintain its current stimulus program. The yellow metal added nearly 3% for the week and is on track for its biggest gain in five weeks. Gold bullion rallied 4.1% on September 18th after the Fed cited it needed to see more examples of economic recovery before it reduces the $85 billion-a-month of bond buying.

Bernanke clearly stressed that the quantitative easing program was "not on a preset course". The "no tapering" was a surprise to the market as bullion fell almost 20% this year in anticipation of a wind down in bond buying, but it has now gained from technical buying and short covering since the news.

Gold In U.S. Dollars, 5 Days - (Bloomberg)

Dr. Ron Paul, a former republican member of U.S. Congress from Texas discussed the Fed decision on Fox Business News segment, After the Bell.

David Asman: What do you think about the Feds decision to continue money printing?

Dr Paul: I think its a very bad sign I think it means the Fed is really worried.

David Asman: Worried about what?

Dr Paul: About the economy. They are always bragging that things are really well, employment is up.

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Ron Paul on U.S. Fed QE: Prepare for the Destruction of the Dollar