Recapping the day's news and newsmakers through the lens of CNBC.
The true gold bug never loses faith. High prices are vindication. Falling ones? Well, they provide a buying opportunity.
But ordinary investors dread years like this one. Gold is down about 27 percent, on track for its worst year in two decades. Now some analysts believe the start of Fed tapering will make things even worse, because reduced liquidity from the central bank reduces the risk of inflation. Inflation protection is one of the chief goals of gold hoarders. An expected strengthening in the U.S. dollar could also hurt, since dollar and gold prices typically move in opposite directions. Some gold experts look for a silver lining, arguing that recent selling may simply reflect a tax motive, as investors look to realize losses to offset gains on stocks.
"The reasons to hold gold as a hedge against inflation don't seem to be there. ... You should have your money elsewhere."—Daniel Morgan, global commodities analyst at UBS