The lead gold futures contract (GC00) fell over 2% on Monday and now sits 6% below its record high of $4,398 an ounce. Claude Erb, a former fund manager, and the Duke University finance professor Campbell Harvey have again teamed up to address gold, more than a decade after the pair wrote "The Golden Dilemma," which posited that the yellow metal was unreliable inflation hedge. They repeat their warnings that after setting a record in 2011, the price of gold fell by 39%, and that following other boom periods, gold has fallen into extended spells of underperformance and low to negative returns. Nor does it always ... (full story)