Is the 12-year gold bull run finally over?

The recent decline in the gold price and better-than-expected recovery in the US has led some investors to predict a turn in the gold cycle, which would break a 12-year run of gains for the precious metal. Investors have been cutting their holdings in gold equities and exchange-traded funds as the spot price has fallen 5% so far this year to trade below $1,600, well beneath its all-time high of $1,921 hit in September 2011. Managers have been taking action in the short term to ride out the falls. Neil Gregson, manager of the £1.5bn J.P. Morgan Natural Resources fund, has taken the ...