TheStreet's Joe Deaux said the yellow metal is on pace to lose 30% in 2013, its worst performance in three decades, he said. Gold fell April after big investment firms downgraded the outlook for the commodity. As economic data continued to improve, gold prices kept going lower, he added.
The clincher came when the Federal Reserve decided in December to begin tapering its quantitative easing program in January.
But 2014 could be different. According to George Gero, a precious metals strategist at RBC Capital Markets, gold prices could see a boost under several different scenarios, Deaux said. They include a weaker stock market, unforeseen economic events or a rise in inflation.-- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell
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