Earth to Bernanke

With many Americans concerned about the rising costs of food and other necessities, Bernanke's latest speech at the National Press Club indicated that he doesn't think inflation is a serious problem in the US. I wonder if he lives on another planet.

In any event, his stance on inflation produced an immediate reaction in the commodities market, as we can see from the 5-min gold futures chart below:

As mentioned previously, I was too risk-averse to make long bets on commodities at this stage, and Bernanke proved me wrong. The rough rice futures contract moved higher again and it was a mistake on my part not to have taken a position.