Chuck Butler (The Daily Reckoning):
What a ride yesterday for the currencies! Gold? Well, at one point gold had shot up $24 on the day! It topped out at $1,142… The shiny metal then gave some back on profit taking, but gold holders have got to love it! Those who keep waiting for a pullback. Well, they might still be waiting when the cows come home.

Gold steadied today,  Tuesday, erasing earlier gains, as the dollar recovered lost ground against a basket of currencies, reducing the precious metal’s appeal as an alternative asset.

U.S. Federal Reserve Chairman Ben S. Bernanke came out in support of a stronger U.S. dollar today (Tuesday), indicating the Fed would remain on pause at its next meeting.