黄金泡沫破碎金价大跌_BEC初级作文

黄金泡沫破碎金价大跌

黄金泡沫破碎金价大跌1

November brought more bad news for believers in the eternal power ofgold: the commodity saw its sharpest monthly price fall since June. This month's 6% drop makes 2013 a terrible year for gold, and is set to mark the end of a 13-year boom. Gold is heading for its first annual fall since 2000 after shedding a quarter of its value this year.

Things were so different in September 2011, when it hit a record price of $1,921 an ounce, a gain of more than 550% in just over a decade. Investors had piled in during the financial crisis: the price of gold traditionally rises when assets such as shares, bonds and cash are threatened.

Gold maintained its allure as central banks pumped money into their economies, raising fears of runaway inflation. But then the easing of fears for the eurozone, and signs of economic recovery in the US and other economies, steadied nerves.

There were few starker signs of the reversal of gold's fortunes than the news that Britain's second-biggest pawnbroker was melting down stock to raise money. Last week Albemarle & Bond admitted it was smelting jewellery to sell for quick cash in order to stay within its lending limits. As recently as 2011 the company went on a gold-fuelled expansion spree and declared "the age of the pawnbroker".

More famous players have also been caught out. The gold fund of John Paulson, the hedge fund manager who made billions betting against the US housing market, is down 63% this year.