This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Gold Prices Dip Despite Obama Election, ECB's Draghi

"The threat of Bernanke being replaced and a less-accommodative monetary policy being introduced is removed; assuming the Republicans retain control of the House, then the stalemate in Washington remains, and the threat of the 'fiscal cliff,'" said Adrian Day, president of Adrian Day Asset Management.

But Tim Harvey, senior vice president at ETF Securities U.S., was quick to point out that political events in the United States are not at the center of the gold market universe.

"The U.S. is very important to the gold market, however the gold market is dominated by the Indians and Chinese, so actually the U.S. election is a gold story, but not necessary the whole story," said Harvey.

Gold mining stocks were mixed Wednesday. Shares of Randgold Resources (GOLD - Get Report) were shedding 6.6%, as shares of NovaGold Resources were slumping 2.9%.

Among mining stock volume leaders, Kinross Gold (KGC - Get Report) was effectively flat, but Barrick Gold (ABX - Get Report) was up 0.39%.

Gold ETF SPDR Gold Trust (GLD) was down 0.11%.

-- Written by Joe Deaux in New York.

>Contact by Email.

2 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
ABX $12.76 0.00%
GOLD $74.65 0.00%
GLD $115.60 0.00%
KGC $2.28 0.00%
NG $3.67 0.00%


DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs