Crude Oil Higher

The price of crude oil has now surpassed $95.00 once again (April 08 contract).

If other commodity prices remain strong, it would only make sense that gold would continue to move higher also.

Most of the price strength this morning in all commodities is a response to Fed Chairman Bernanke's continued dovish talk as he testifies before Congress today, resulting in expectations for lower Fed Funds rates and an even weaker US Dollar.

His denial of inflation seems to be a failure to recognize rising prices, due in part to the government's faulty inflation calculations. This seems odd, since Mr. Bernanke's own comments in past years would be in conflict with what he is saying today.