"There's not a lot of green on the screen today," Gabelli portfolio manager Howard Ward said, pointing out that gold's dip was not unique in the market Friday. The market was on shaky ground Friday as investors digested news that Ireland might need to seek a debt rescue package from the EU. New York spot gold prices were dropping by $38.70, or 2.8%, to $1,370.20 an ounce. Gold prices fell as many analysts continued to assert that gold is in a bubble that is about to burst. Still, three analysts that TheStreet spoke with believe that gold bears are confusing overbuying in the short-run with a bubble. Gabelli portfolio manager Howard Ward said gold is only in the "middle innings" of a bull market, noting that it hasn't even doubled in the last 30 years. He noted that over the last 30 years, gold has compounded annually at 2.5% -- paltry compared with the more than 10% increase for stocks and bonds in the same time period. Over the last 20 years, gold has compounded annually at 6% vs. 9% for stocks and bonds, he added. It was only in the last decade when gold really began to shine, compounding at 16.9% annually vs. -0.4% for the S&P 500 Index and 8.2% for treasuries, according to Ward. Ward said, by contrast, that each decade of the last three decades, on their own and combined, have seen record performances in the bond market.
NEW YORK (TheStreet) -- Spot gold prices were in the red Friday afternoon as investors took profits and raised cash across the commodities complex after a good run up.
New York spot platinum prices were losing $73, or 4.2%, to $1,681 an ounce, while its sister metal was losing traction.
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New York spot palladium prices were falling by $33, or 4.6%, to $678 an ounce. Mining stocks and precious metals ETFs were settling in negative territory towards the end of Friday's trading session. Mining stocks offer another form of exposure to precious metals. Newmont Mining ( NEM - Get Report) was down 2.3% to $61.59 and Agnico-Eagle Mines ( AEM - Get Report) was falling by 2% to $79.80. Silvercorp Metals ( SVM - Get Report) was losing 6.7% to $11.38, while Hecla Mining ( HL - Get Report) was surrendering 5.7% to $8.41. Market Vectors Junior Gold Miners ETF ( GDXJ - Get Report) was down 3.9% to $39.18, ETFS Physical Palladium Shares ( PALL - Get Report) was falling 4.3% to $67.99 and SPDR Gold Trust (ETF) ( GLD - Get Report) was down 2.9% to $133.69. -- Written by Andrea Tse in New York. >To contact the writer of this article, click here: Andrea Tse. >To follow the writer on Twitter, go to Andrea Tse. >To submit a news tip, send an email to: firstname.lastname@example.org.