Price dip may signal end of the gold rush

Commodities » Attraction as an asset of refuge seems to dim.

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John Manley, chief equity strategist for Wells Fargo Advantage Funds, said that gold’s role as a sort of fourth currency to the three big ones — the dollar, euro and yen — is unlikely to diminish because of those currencies’ troubles. Those include the U.S. debt, Japan’s aging population and dissent among European countries about how to solve the debt problem there.

Nicholas Colas, chief market strategist at ConvergEx Group, said he thinks gold’s popularity reflects the anxiety of our age. The price may change, he said, but an ounce of gold is always bound to be worth something. Old stock certificates, he said, may wind up worth no more than toilet paper.

"The gold rush isn’t over," he said. "It’s just on pause."

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