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

Bernanke Speaks, Gold Prices Sink

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 - Get Report) were shrinking 1.9%, while shares of NovaGold Resources (NG) were shedding 2.6%.

Among volume leaders, Barrick Gold (ABX - Get Report) 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.

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
Submit an article to us!
ABX $13.07 0.00%
AEM $31.73 0.00%
GLD $113.08 0.00%
IAU $11.39 0.00%
KGC $2.44 0.00%


DOW 18,024.06 +183.54 1.03%
S&P 500 2,108.29 +22.78 1.09%
NASDAQ 5,005.3910 +63.9670 1.29%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs