Gold and Silver Are Down 8% and 21% Over the Trailing Year. Blame Bitcoin?
Gold and silver mining stocks might be among the top performing industries since the beginning of 2016, but since last summer, when physical gold peaked above $1,360 an ounce and silver touched $21 an ounce, precious metals have mostly been on the downswing. Over the trailing one-year period, gold and silver spot prices are down 8% and 21%, according to data from Kitco.
What on Earth is going on, you ask? There have been a number of reasonable explanations for the recent tumble in precious metals.
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Source: Fool.com