You never know what’s going to happen when Fed Chief Ben Bernanke opens his mouth, but it wasn’t too much of a stretch to think that gold might have a big day today after the recent sell-off, part of which was driven by markets misinterpreting the central bank’s intentions last week. 

Much of last week’s sell-off was due to non-voting Fed hawks showing up in the January meeting minutes as if their opinions really mattered. Bernanke is setting the record straight today in that the pedal remains firmly affixed to the metal and he doesn’t see anything resembling an asset bubble.