The gold market in 2015

How can we summarize the last year in the gold market? First, it was not a good year for the gold bulls (however, gold performed much better than many other commodities, confirming its role as a currency). As one can see in the chart below, the London spot price of the shiny metal declined 9.56% from $1172 to $1060. Gold marked its fourth full year in a bear market.

Chart 1: The price of gold in U.S. dollars in 2015 (London PM Fix)