I’d like to say that today’s market response to the Tim Geithner press conference was a surprise, but I can’t.  I’d also like to say that I say it coming, but I can’t.

Geithner revealed few details about what will essentially become federal bailout round two.  The biggest detail he did reveal however was that it was going to cost another $1.5 trillion, spending $500 billion to recapitalize banks and the other trillion to support consumer and business lending.

His words didn’t even make it from his lips to the microphone and the market took a plunge.

I watched gold (GLD: chart, web, Y!) skyrocket while nearly everything else went directly to red.  Didn’t even turn pink first.

So I picked up some GLD at $90 under the notion that inflation will surely rise with the influx of all this money, and equities will suffer accordingly.

To take a page out of the Winston playbook, I’m going long on gold as a hedge against my equities.

If only I could get crude to follow in its golden commodities footsteps.

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Banking, Investing bailout, GLD, gold, Tim Geithner, treasury