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Gold bugs cry a single golden tear when they see this chart

A sales assistant arranges gold necklaces at a store in Lianyungang, Jiangsu province, January 23, 2014. Improving global economic health means gold will not be rebounding anytime soon, with prices expected to fall another 13 percent after 2013's crash caught out investors, Thomson Reuters GFMS said in a report on Thursday. Picture taken January 23. REUTERS/China Daily (CHINA - Tags: BUSINESS COMMODITIES) CHINA OUT. NO COMMERCIAL OR EDITORIAL SALES IN CHINA
Reuters/China Daily
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Pity the poor—and increasingly poorer—gold bugs.

This bow-tie clad class of investors tends to see every economic data point as auguring a hyperinflation that never quite seems to materialize.

In fact, right now we have quite the opposite. Around the world, inflation is remarkably low, thanks largely to a sharp downturn in energy and commodity prices.

This phenomenon, known as lowflation, is an awful backdrop for investors hoping the price of gold will rise. After falling 28% in 2013, and 1.5% last year, gold prices are actually up ever so slightly so far this year. (A bit less than 1%, at last glance.)

Of course, as with anything in the financial markets, you could have made a lot of money on the metal by buying at the right moment over the past decade. But in a recently published look at how they see asset classes performing over 2015, Credit Suisse analysts note that the long-term, inflation-adjusted average price for an ounce of gold is somewhere above $400. And that’s a very long way down from roughly $1,200 where gold is currently trading.

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