It's not been a fun year for gold bugs.
While equities have experienced a bull year, the metal and gold stocks are suffering. Peter Garnry, head of equity strategy at Saxo Bank, says that's down to the improving global economy and rising real interest rates.
The year has seen gold take one "body blow after another".
Garnry points to the toll that falling gold prices have taken on miners. Newcrest Mining, Eldorado Gold, and Kinross Gold are down 70 per cent, 57 per cent, and 54 per cent respectively.
Gold prices "will continue to fall and the leveraged gold miners will likely disappoint again" if Garnry's expectations for global growth and muted inflation are met, says the analyst.
No rush for gold yet then.