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IPFS News Link • Federal Reserve

Was the Silver Smackdown a Retaliatory Strike?

During a House Committee on Financial Services hearing held at 10am on February 29, 2012, Rep. Ron Paul questioned Federal Reserve Chairman Ben Bernanke on inflation, currency, and (real) money. At 9am, silver was trading at $37.50/oz. By 11am, exactly 10% had been shaved off the price and silver traded at $33.75/oz. During the hearing, Dr. Paul presented Bernanke with a silver coin and extolled the monetary virtues of the metal. Paul stated: “As much as I would like to do something with the Fed, I say, the Fed is going to self-destruct eventually anyway when the money is gone.”