Jul 16, 2013 | by Franck Cushner, CFP®
Gold futures tumbled below $1,200 an ounce, extending a slump to a 34-month low,
as U.S. economic data topped estimates by analysts, eroding the metal’s appeal as a
store of value. Gold settled the quarter at $1224 an ounce.
Gold had one of its weakest periods since 1971, when President Nixon took the U.S.
off the gold standard. For the quarter, gold fell 25%, and off 28% for the year.
Silver has had its largest quarterly loss since 1980, with platinum also falling in
June, as demand for these two more industrial metals declined. A combination of
low inflation and a renewed concern with a slowing global economy have
contributed to the decrease of industrial metals such as silver and platinum.
As an industrial metal, silver has over 10,000 commercial applications, including
electronic and medical applications. Gold, on the other hand, has fewer commercial
applications yet is a popular hedge against inflation and depreciating currencies.
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