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 Jump on 'Fiscal Cliff' Deal (Update 1)

The Fed's decision to implement a new monetary stimulus program last month put an emphasis on economic targets as stop points. With the expiration of Operation Twist, the Fed determined it would begin an open-ended, monthly purchasing of $45 billion of longer-term Treasury bonds, and said it would continue the program at least until the national unemployment rate dropped to 6.5% or if inflation exceeded 2.5%.

Friday's December unemployment rate reading will be an important economic indicator for gold investors to keep an eye on.

Though the unemployment rate likely won't dip to 6.5% in the near future, a declining trend could give investors a better prediction for the end of quantitative easing. Monetary stimulus is seen as inflationary policy, which is positive for gold.

Gold mining stocks were mostly higher on Wednesday. Shares of NovaGold Resources were jumping 6.4%; Goldcorp (GG - Get Report) shares were rising by 2.4%.

Among volume leaders, Barrick Gold (ABX - Get Report) was increasing 1.8%, while Kinross Gold (KGC) was up 1.6%.

Gold ETF SPDR Gold Trust (GLD) was adding 0.83% and iShares Gold Trust (IAU) was up 0.75%.

-- 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
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
ABX $6.57 0.00%
GLD $108.99 0.00%
GG $12.99 0.00%
IAU $11.00 0.00%
NG $3.72 0.00%


Chart of I:DJI
DOW 16,472.37 +200.36 1.23%
S&P 500 1,951.36 +27.54 1.43%
NASDAQ 4,707.7750 +80.6910 1.74%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs