Investors all over Wall Street are baffled by the sharp move lower in gold.
The spot price ended the session with its biggest one-day fall in more than a year. Gold for June delivery closed at $1,501.40 an ounce Friday; that's the lowest price since July 2011.
Although commodities rise and fall all the time, largely pros are surprised by the magnitude of the decline. They say gold should have a 'bid' – that is, the precious metal should have a constituency of buyers.
Considering central banks around the world are actively devaluing fiat currency conventional wisdom suggests gold should not have declined to this degree.