The price of spot gold has fallen nearly 6 percent so far in 2013, after a 12-year rally, as investors searched for better investment returns elsewhere including equities. In contrast to gold, the S&P 500 stock index is up almost 9 percent this year.
LONDON(BullionStreet): Institutional investor George Soros said gold has been destroyed as a safe-haven asset, but expects continued central bank buying to support prices, Reuters reported.
"Gold was destroyed as a safe haven, proved to be unsafe. Because of the disappointment, most people are reducing their holdings of gold," Soros told the newspaper in an interview published at the weekend.
"But the central banks will continue to buy them, so I don't expect gold to go down. If you have the prospect of a crisis, you will have occasional flurries or jumps. So gold is very volatile on a day-to-day basis, no trend on a longer-term basis." ...