[video] Quick Take: How Low Can Gold Go in 2014?
NEW YORK (TheStreet) -- Gold prices are poised for its worst performance since 1981. TheStreet's Joe Deaux spoke to independent metals trader Eric Zuccarelli, who says more of the same may lie ahead for gold in 2014.
Gold prices sagged on the final day of trading in 2013, quickly falling after breaching the $1,200 level on the downside.
However, as Zuccarelli pointed out, the market can often be a cruel place. Shorts began piling in after the move lower, only to be forced out on a violent short-covering rally higher.
Deaux wondered whether the yellow metal would have a better year in 2014, and suggested that many analysts were more positive on the commodity.Zuccarelli, though, is not. He said gold should continue to go lower in the coming year. He added that quantitative easing by the Federal Reserve wasn't much help to gold over the past two years. It certainly won't help now that the central bank is cutting back its bond purchases. At some point, though, sentiment does change. For Zuccarelli, that level is near $1,000. He said at around those levels he would consider buying the precious metal. -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell
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