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Gold prices fell to their lowest levels in weeks recently after President Barack Obama pushed Congress to delay any vote on taking military action in Syria. The more time that passes, the less likely that the U.S. will use force, which, while potentially good for the world, is not a positive for gold prices. Safe-haven assets look less attractive and for the first time in quarters, the gold commodity, as represented by the SPDR Gold Trust (NYSEARCA:GLD), looks less attractive than gold miners.

GLD Chart
(Click to enlarge)

GLD data by YCharts

Recently, noted bond manager Jeff Gundlach made favorable comments about the Gold Miners ETF (NYSEARCA:GDX); this is bullish for the ETF itself, and for major holding like Barrick Gold (NYSE:ABX) and Newmont Mining (NYSE:NEM). A rotation into miners and out of the commodity could lead to big swings. Still with the Syria question unanswered, this remains a critical element.

In the video below, I discuss both the impact of the President's remarks and the impact they could have on the gold market.

Source: How The White House's Syrian Position Is Impacting Gold