The word on the street is that gold is falling by more than $75 per ounce due to no mention of QE3 in his semi-annual economic speech. Sure, that would be a factor for investors to take profits, but to hammer the yellow metal to this magnitude - no way!!
In the same speech Bernanke stated he will keep interest rates low into 2014. In my opinion that is a stimulus package dressed in a cheap suit. By keeping interest rates low it will continue to put pressure on the US Dollar and therefore be a positive for gold prices.
Today's sell-off will likely create a buying opportunity for long-term bulls on the price of gold. Support on $GLD can be found the the $164 to $166 range. The ETF is currently at $166.30. The selling may extend out a day or two, but as long as the support range is not breached, look for $GLD to bounce back.
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