It would appear that the asset-class most sensitive to the next round of renewed money-printing by the Fed - that implicitly seems to provide stock investors with some belief that their USD-numeraire priced holdings should go up in price - is dropping fast and pricing out hope of a 'New QE' anytime soon. As The Bernank speaks and offers nothing more than a Draghi-reinforcing check-to-the-government around the poker table of global macro, Gold is plunging. The biggest beneficiary of the Bernanke soliloquy so far is China, which has managed to get a new cheaper entry point on Bernanke's latest attempt to talk down Gold while keeping stocks up (because rising input costs courtesy of oil apparently only impact the gold bottom line). After importing 100 tons in physical gold [3] (not GLD) in April, the country will be even happier to buy far more at lower, not higher prices.
Gold vs Stocks vs Treasury Yields vs USD...
[4]
Chart: Bloomberg