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The Fall of Gold
Gold makes people do wild things. Ancient Egyptians melted it to decorate their dead. Sir Walter Raleigh searched for a lost golden city. Shiny flakes of it set off a 19th-century rush to California and ship captains never stop looking for it at the bottom of the sea. Today’s investors are wildly selling it, with 2013 marking 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 ... (full story)
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