Gold is finishing 2013 more than 25 percent down—ending its 13-year string of gains and marking its worst performance in nearly three decades.
At press time, the yellow metal was trading at $1,199 an ounce, below the $1,200 benchmark. Its closing price on Jan. 1, 2013, was $1,693 an ounce.
Analysts say that trading in the metal was hurt this year by the Federal Reserve’s decision to reduce its bond purchase program. In addition,a steep crash in April shook investors’ confidence in gold as a “safe haven.”
Some observers now predict further declines, with a Goldman Sachs analyst predicting it will hit $1,050 an ounce by the end of 2014.
posted by the JCK Magazine, 12/31/2013
“I highly recommend reading the newly published book “Gold” by Matthew Hart. He explains the bigger picture of the gold industry and why investors have transferred their holdings from gold to other commodities as well as the interesting facts of mining and historical implications over the centuries.” Janet Deleuse comment to the JCK Magazine Gold Price article