Gold prices are oddly looking real weak. 

Following comments from new Federal Reserve chairman Jerome Powell this week that further rate hikes are to be expected, spot gold was down 0.8% at $1,307.54 an ounce - marking a two-month low for the metal. This would be the second straight week of losses for gold.

So what happened to expectations that this would be gold's year?

According to mining legend Pierre Lassonde, the investor interest simply is not there. Lassonde, who acts as Chairman of streaming company Franco-Nevada, explained that 2018 is not going to be the metal's breakout year.

"The operators are doing well, they have learned their lesson, they are focusing on margins, but if you look at the investor, they don't want to hear about [gold]," he said on the sidelines of the BMO Metals and Mining Conference in Florida this week.

"If you look at gold prices sitting around $1,300 an ounce - for seven years the gold price has been up and down $100, it's not going anywhere and at the same time you have had the cryptocurrencies coming and attracting attention," Lassonde explained.

So much for gold being a safe-haven.

More from Commodities

Watch This If You're Wondering How Much Gold to Have and When to Sell

Watch This If You're Wondering How Much Gold to Have and When to Sell

How Can Gold Continue This Upward Momentum?

How Can Gold Continue This Upward Momentum?

Week Ahead: Investors Keep Economy in Check as Trade, North Korea Talks in Limbo

Week Ahead: Investors Keep Economy in Check as Trade, North Korea Talks in Limbo

Oil Rally Steadies Even as Potential Supply Disruptions Persist

Oil Rally Steadies Even as Potential Supply Disruptions Persist

The Outlook for Gold Prices Looks Awful Even With 10-Year Yields Above 3%

The Outlook for Gold Prices Looks Awful Even With 10-Year Yields Above 3%