Also on the minds of gold investors is whether eurozone finance ministers will release emergency loans to Greece. The euro was effectively unchanged Tuesday as multiple reports suggested optimism that the eurozone would finally release the funds.
News of promising fiscal cliff negotiations, driven by the president's comments on Friday and his White House press secretary on Saturday, led gold prices higher on Monday. Some analysts suggested this move higher was warranted.
"I think the positive reaction in the market is warranted to some extent in that a lot of its selling was, first of all, surprise selling on the part of those individuals -- could be close to half the population, could be close to half the investing population -- who actually thought as late as 10 p.m. election night that [Mitt] Romney was going to win," Brian Gendreau, a market strategist at Cetera Financial Group, said Monday in an interview.
Gold mining stocks turned mostly lower Tuesday afternoon. Shares of Agnico-Eagle Mines (AEM) were shrinking 1.9%, while shares of NovaGold Resources (NG) were shedding 2.6%.
Among volume leaders, Barrick Gold (ABX) was off 0.15%, but Kinross Gold (NEM) was down 0.21%. Gold ETF SPDR Gold Trust (GLD) was decreasing 0.34%, while iShares Gold Trust (IAU) was down 0.24%. -- Written by Joe Deaux in New York. >Contact by Email. Follow @JoeDeauxSelect the service that is right for you!
COMPARE ALL SERVICESAction Alerts PLUS
TRY IT FREEJim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
Product Features:
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Dividend Stock Advisor
TRY IT FREENew! $49.95/yr
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
Product Features:
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Stocks Under $10
TRY IT FREEDavid Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.
Product Features:
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
- Weekly roundups
Real Money
TRY IT FREE24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
Product Features:
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
Real Money Pro
TRY IT FREEAll of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
Product Features:
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Options Profits
TRY IT FREEOur options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
Product Features:
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV
