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Gold Retreats on Continued Fiscal Cliff Uncertainty

by Peter A. Grant

Dec 18, AM
(from USAGOLD.com) --

Gold failed to sustain the latest tests above $1700 and has since come under renewed selling pressure. Earlier upticks where spurred by renewed optimism about a fiscal cliff deal, but such hopes seem to have been dashed pretty quickly. The early-November low at 1672.68 is under pressure.

House Speaker Boehner said the latest proposal from the White House lacked "balance," adding "We're Going To Move To Plan B". Presumably that means he'll take a plan to extend expiring tax breaks for all but those making more than $1 million a year to the House floor. Of course 'plan B' has little hope of making it through the Senate, or being signed by the President.

According to a Reuters article: As of Sunday, Washington insiders pegged the odds of us going over the fiscal cliff — and probably back into recession — at 50/50. At this point, it seems we're not any closer to a deal, but we're two-days closer to the cliff.

A drop over the fiscal cliff and the increased likelihood of a recession would amplify deleveraging pressures. This may be intensifying desires to lock in gold profits ahead of year-end, even as continued dollar weakness is keeping equities underpinned for the time being.

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Gold Retreats on Continued Fiscal Cliff Uncertainty