NEW YORK ( TheStreet) -- I was talking to Stephanie Link today about gold, which I think is ready again to retest its lows of the year.
I say this because gold has lost much of its glitter as the perfect hard asset and currency hedge in 2013. With most major averages up double digits for the year, gold remains down nearly 20% so far this year.
Meanwhile, the last few reasons to own gold, which sparked the latest $200 rally in the metal have moderated. They were the weakness in the stock market, the strong rise in interest rates and the drop in bonds and the potential for an airstrike in Syria. Gold is rolling over again.
Renewed strength in other asset classes will allow gold to resume its natural trajectory for 2013: downward.I talk more about the gold trade and some related stocks with Stephanie in the video above. At the time of publication, Dicker held a short position in GLD. At the time of publication, Action Alerts PLUS, which Stephanie Link co-manages as a charitable trust, had no positions in securities mentioned. Follow @dan_dicker This article was written by an independent contributor, separate from TheStreet's regular news coverage.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV