Strong Economic Data Trip Gold

A classic recession is typically defined as a contracting economy for two or more consecutive quarters.

Last year, Roubini had forecast a yearlong recession for 2007 and has steadfastly remained one of the most bearish commentators on Wall Street.

In the gold patch, the Chicago Board Options Exchange Gold Index was declining 2%, dragged down in part by a 2.6% drop in Freeport-McMoRan Copper & Gold(FCX Quote) and a 4% loss for Agnico-Eagle Mines(AEM Quote).

Freeport was suffering from falling copper prices, which shed 8 cents to close at $2.49 a pound on the Comex.