Tuesday, May 22, 2018
Business

Gold loses its luster

THE WEEK THAT WAS

WINNER: Humana

The health care company's unit that manages chronic-care patients will add 100 jobs in the next six months.

.LOSER: Jeff Vinik's hedge fund

Investors reportedly pull out $1.5 billion after a period of poor performance. That's about 18 percent of the fund's assets.

Gold has turned out to be a very bad investment of late, its price down 17 percent since late 2011. It is a remarkable turnabout for an investment long regarded as one of the safest. The decline has been so swift that some Wall Street analysts are declaring the end of a golden age of gold. The stakes are high: The last time the metal went through a patch like this, in the 1980s, its price took 30 years to recover. What went wrong? Analysts say gold is losing its allure after an astonishing 650 percent rally from August 1999 to August 2011. Now, the worst of the Great Recession has passed. Things are looking up for the economy and, as a result, down for gold. On top of that, inflation concerns that drove investors to gold have so far proved to be unfounded.

New York Times

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