Gold's desirable properties are a part of popular culture. It is indestructible and, throughout recorded history, people have believed in it.
But it yields nothing, making it hard to value or to compare with other assets. If its price moves sharply, those who want to know what it is worth have nothing to hold on to.
Gold has just undergone a sharp correction, taking it down 14 per cent from $1,000 per ounce, which it briefly hit in February, before a slight bounce yesterday. Why?
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