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Gold, stocks taking a hit from new reality

Just a few weeks ago, Wall Street figured it had a friend in the Federal Reserve until at least May. Those expectations suddenly have begun to change.

Strengthening economic data, particularly concerning employment and gross domestic product, have investors concerned that the central bank will begin reducing its monthly asset-purchasing program as soon as next week.

Consequently, gold prices took a battering Thursday. The stock market has been on a steady slide lower, as well.

CNBC's Patti Domm and Jeff Cox discuss the possible further implications of Fed tapering.

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