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Was Gold in a Bubble?

Erin Patrice O'Brien | Stone | Getty Images

On Tuesday, gold dropped below $1,400 for the first time in a month. That aligns pretty well with what Fortress Investment Group President Michael Novogratz told "Squawk Box" on Tuesday morning: "Gold's bubble has burst," he said. "You've tried everything you can to make it go higher and it won't go higher. Therefore, it will go lower."

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