Off 1.3% in morning action to $1,188 per ounce, gold is set to close the year on the lows, down nearly 30% for its worst performance in 32 years. Investors pulled $38.6B from gold funds this year, and holdings in the 14 largest ETPs plunged 33% to 1,764.1 metric tons - the first annual decrease since they started trading in 2003.
"Gold is something we avoid," says Marketfield Asset Management CEO Michael Shaoul, reflecting the prevailing attitude of the day. Prices are "likely to grind lower," says Goldman's Jeffrey Currie, predicting the metal drops to $1,050 next year.
GLD -0.9% premarket