The conventional wisdom had gold prices skyrocketing in the immediate aftermath of the U.S. presidential election, which put Donald Trump into the White House.
But that hasn't been the case, with gold future sliding through November, with two consecutive weekly price declines leading up to November 19. Last week, December gold futures slid by $7.60, to just over $1,200 per ounce - a nine-month low.
Gold prices rebounded moderately in Monday trading, gaining back 0.4%, to $1,213 an ounce. But a stronger dollar (at a 13-year high) and an imminent Federal Reserve rate hike have gold gurus taking a skeptical tone on the precious metal.
"The low prices have induced some interest in the physical market," offers Daniel Hynes, a commodities analyst at ANZ. "However, the dollar has got some momentum behind it and until there's a turnaround, it is going to be difficult for gold prices to recover."
Many gold investors concur, with some seeing prices fall below $1,100 by the end of the year as the so-called "Trump effect" kicks in.
"We believe the gold price will fall further, and it's not just a knee-jerk reaction to the election," says Jonathan Monjazi, founder of Monjazi Capital in San Diego. "You will soon have the most anti-Federal Reserve, anti-low interest rate president since Ronald Reagan, and maybe even Andrew Jackson. President-elect Trump has publicly criticized the Fed's low rate policies and (Fed Chair) Janet Yellen. If Trump's rhetoric about the Fed matches his policies, gold has nowhere to go but down."