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Gold is Heading toward First Yearly Loss Since 2000

Gold is Heading toward First Yearly Loss Since 2000 (Bloomberg)

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.

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As 2013 nears its close, it is on the verge of notching the first yearly gold-price drop since 2000.

archive

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.

Gold is Heading toward First Yearly Loss Since 2000 (Bloomberg)

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.

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Written By

Paul Dykewicz is the editorial director of the Financial Publications Group at Eagle Publishing Inc., www.eaglepub.com, of Washington, D.C. Eagle publishes five free, e-letters, 10 weekly trading services and five monthly investment newsletters, Forecasts & Strategies, Successful Investing, Cash Machine, Growth & Dividend Report and The Alpha Investor Letter. He also is the editor of Eagle Daily Investor and the author of the inspirational book, "Holy Smokes! Golden Guidance from Notre Dame's Championship Chaplain."

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