Making Financial Headlines · Page 9
Gold Falls and the Traditional Haven Misplaces Its Calm
· New York time
Gold fell below $4,000 after reaching nearly $5,600 in January, a surprising decline for an asset often associated with economic uncertainty. Its price had reflected that uncertainty for a time before this week's drop. The movement illustrates the difference between gold's reputation and its actual market price. Investors may turn to it when they are worried, but that does not mean it rises whenever anxiety appears or holds a fixed value over a short period. Its price can move substantially in either direction, and the gap between a long-standing reputation and a particular week's return can be large. The metal's appeal is its long history as a store of value. Its recent chart, however, looks less like a stone monument and more like a mood changing in real time. Even the market's traditional refuge must submit to a price tag.
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