SharePoint 2013: Add item to links list with PowerShell

AddItemToLinksList.ps1

$site =new-object Microsoft.SharePoint.SPSite("http://intranet")
$web = $site.OpenWeb()
$list = $web.Lists["Useful Links"]
$item = $list.Items.Add()
$urlValue = New-Object Microsoft.SharePoint.SPFieldUrlValue()
$urlValue.Description = "Link Description";
$urlValue.Url =  "http://www.bing.com"
$item["URL"] = $urlValue
$item.update()
$list.update()