KevinGrady, trader on the Comex floor with MF Global, also said gold also has been hurt some by anticipation of a Commodity Futures Trading Commission meeting on position limits for commodities.
KevinGrady, founder of Phoenix Futures and Options, said gold has been under pressure from market participants who bought put options in November and are now exiting those positions in the futures market.
KevinGrady, founder of Phoenix Futures and Options LLC, said activity in the futures market was very heavy when Bernanke first spoke, saying within the first five minutes of his speech, nearly 20, 000 contracts traded.