The big run-up in the price of gold that has been a constant in this millennium finally broke a bit in 2013. From the peak of some $1850 per ounce (achieved in 2011), gold closed this past year around $1250, a decline of about a third. As we rounded into 2000 now nearly a decade and a half ago, gold was barely $300 per ounce.
Last year, the healthy phenomenon of asset-shift was at work. Investors piled out of the hedge that is gold into stock shares, which is to say titles to companies that are out there in the economy trying to do something productive. The more this process goes on, the more the world’s capital will be put to good use.