Bernanke said today that a failure by Congress to raise the nation's $14.3 trillion debt limit would lead to a "major crisis" and throw "shock waves" through the financial system.
"We're in a very difficult financial period in the world," Martin Murenbeeld, the chief economist at Toronto-based DundeeWealth Inc., which manages more than $50 billion, said on July 11. "The faith in paper currency is rapidly ebbing."
Investor holdings of ETPs backed by gold, silver, platinum and palladium has climbed to more than $126 billion.
Silver futures for September delivery rose $2.446, or 6.9 percent, to $38.08 an ounce on the Comex. A close at that level would mark the biggest gain since March 19, 2009.
Platinum futures for October delivery gained $28.30, or 1.6 percent, to $1,764.60 an ounce on the New York Mercantile Exchange. Palladium futures for September delivery advanced $15.40, or 2 percent, to $782.85 an ounce.