Gold Prices Rose the Last Time the Fed Tightened Monetary Policy

Gold prices are slightly lower ahead of the release of the Fed's latest policy-making minutes. Despite this intraday dip and the Fed's pullback in economic stimulus, the yellow metal is up about 10% for 2014. When asked what central bank action it would take to sink gold prices, ETF Securities U.S. research director Mike McGlone tells TheStreet's Joe Deaux that significant tightening would be necessary. McGlone says, though, that the last time the Fed tightened policy, which was in 2004, the yellow metal gained.