Fed Chairman Ben Bernanke spoke Tuesday afternoon at the Economic Club of New York and warned that Congress' inability to avoid a full fiscal cliff -- a set of deep spending cuts and major tax cuts expiring that automatically would go into effect at the beginning of 2013 -- could thrust the U.S. economy back into recession.
Gold prices immediately sold off as Bernanke spoke. Investors appeared to realize that Monday's gains on optimistic fiscal cliff negotiations were still at risk of protracted disagreements between the two parties on a detailed solution.
Gold trades at the Comex division of the New York Mercantile Exchange will be closed Thursday to observe the Thanksgiving holiday.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV