The Ben Bernanke comments were just released before he testifies in front of Joint Economic Committee. It should be noted that gold, silver, and gold mining stocks are declining lower. This tells us all that the Federal Reserve is not looking to implement another quantitative easing program at this time. The U.S. Dollar Index has also strengthened. This can be seen by viewing the PowerShares DB US Dollar Index Bullish (NYSEARCA:UUP). The UUP immediately spiked higher on the intra-day charts after the comments were released. The SPDR Gold Shares (NYSEARCA:GLD) are trading lower $1.00 to $156.21 a share. The GLD should have some intra-day support around the $153.65 area.
Most of the leading gold mining stocks are coming under selling pressure today. Leading gold miners such as Newmont Mining Corp (NYSE:NEM), Goldcorp Inc (NYSE:GG), and Yamana Gold Inc (NYSE:GDX) are all trading lower. Please remember, gold and gold mining stocks will likely be very volatile while Ben Bernanke speaks.