Gold is Heading toward First Yearly Loss Since 2000

Paul Dykewicz

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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