Gold is Heading toward First Yearly Loss Since 2000
As 2013 nears its close, it is on the verge of notching the first yearly gold-price drop since 2000. After jumping sevenfold during a 12-year bull market — a run matched by only a handful of assets, including U.S. Treasuries and stamps — it’s wallowing near a three-year low, down about a third from its peak. Only silver and corn performed worse among commodities in 2013. Gold’s appeal as a haven during financial storms sent it to a record of $1,921.15 an ounce in 2011. As economic growth improved, equities rallied and gold began to plunge, with investors selling as much from physically backed gold exchange-traded products in 2013 as they bought in the previous three years combined.