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TheStreet Open House

Bernanke Speaks, Gold Prices Sink

Stock quotes in this article: AEM, KGC, ABX, NEM, GLD, IAU

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.

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