Gold plunges to 2-1/2 year low post BernankeJune 20, 2013: 2:53 PM ET
Gold prices were hit hard in the global market rout that followed Ben Bernanke's latest press conference.
Gold futures fell 6.4% to settle at $1,285.9 an ounce -- its lowest level since September 2010.
The drop extended an ongoing sell-off in the precious metal as investors prepare for an end of the Federal Reserve's stimulus policies, which Bernanke said could begin later this year and culminate in 2014.
Of course, he also said the Fed could do the opposite if the economy takes a turn for the worse.
But that seemed to be lost on the market.
Bernanke, and his facial hair, was the main topic of conversation among gold traders on StockTwits.
Well said Mr. Turnip. But isn't this a little insane?
So what could Bernanke have possibly said to cause such insanity? Did the bearded academic proclaim that stocks, bonds and gold are all worthless as of Thursday?
That's it? "Hey we might taper soon."
There has to be more to it than that. Maybe something important like inflation, or the lack thereof?
That's an interesting theory. But the TV says we should still buy gold.
So how much lower can gold go? What's the consensus here?
Yikes. That doesn't sound good.
Funny you should ask. Lucky Crystal is socking it away for a rainy day.
Not looking at it for a few years is probably a good idea. Any other takers?
Patience, in this market? Good luck with that.