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Gold prices folding like a cheap suit ... literally

Businessman with golden dollar in suit pocket
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The price of gold fell to a five-year low Wednesday in what was its 10th-straight daily decline, the metal's longest losing streak since 1996.

The collapse sent gold bulls scrambling for any justification to own bullion these days. Some even turned to one of the oldest Wall Street sayings around.

It states that the price of one ounce of gold should always be able "to buy you a decent suit."

This adage has been around likely going back to when people actually used gold to buy suits. And it says bullion is undervalued right now ... maybe.