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Gold has been losing its luster in 2013. Heh, maybe that's an understatement. Since the start of the year, the
SPDR Gold Trust (
GLD), the easiest way to get instant exposure to the yellow metal, has dropped like a rock. The $40 billion ETF is down more than 18% since the calendar flipped over to January. So it's another example of funds' chasing performance (or, rather, running from underperformance).
That's not to say that GLD hasn't done exactly what it was supposed to do -- it has. It's tracked the value of spot gold all the way down. And the funds have clearly had enough.
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