, Columnist
Gold's Swoon Echoes Financial Crisis Blip
The conditions are still there for an extended rally.
Gold fell a fifth in 2008, on its way to a record high.
Photographer: Junko Kimura/Bloomberg
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In times of coronavirus panic, even havens can be unreliable.
Gold closed off February on a tarnished note, ending last week with its steepest daily decline since 2013. As financial markets panicked over the spread of the pneumonia-like illness, stocks tumbled and dragged gold and other precious metals lower. That’s a rare phenomenon for a metal that tends to shine brighter when everything else looks gloomy. It will also be a brief one.