The fall of gold

The crack in gold prices that appeared over the last few weeks could well be the decisive end of the "super-cycle" in the yellow metal. This was perhaps inevitable. Over the last 10 years, the price of gold has risen from $312 per ounce (average price in 2002) to $1,675 per ounce (average price in 2012), that is, an annualised return of 18 per cent over the period.

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