At this stage the US goes off the fiscal cliff, having failed to...

At this stage the US goes off the fiscal cliff, having failed to do a deal before the deadline this evening. However, automatic tax rises on all Americans and cutting the dole are unlikely. Automatic spending cuts will start, and it will be weeks if not months before they do a cooked-up deal.

IMO it's positive for gold either way: if things fall apart, and there's a good chance, gold will start to rocket as other markets tank.

Then if markets tank, there's always the Iran option.

Happy New Year!