Gold continues to grind lower as this is written, nearing $1280 an ounce on the spot market. Increasingly, the yellow metal looks like the poor cousin to the Dow Jones Industrial Average (INDEXDJX:.DJI) and the S&P 500 (INDEXSP:.INX) – the equity indices hit 16,000 and 1800 respectively today, setting new records.
Gold posts a negative return for the first time in 13 years
Gold has fallen from its lofty pedestal this year, giving up almost 24% while the S&P 500 (INDEXSP:.INX) gained the same percentage. Increasingly, it looks like investors have given up on gold, once the investment of refuge in a global crisis situation.
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