Gold prices drop 1%. Is $1,150 next?June 13, 2013: 2:49 PM ET
U.S. stocks were able to evade the rout in Asia, but gold wasn't so lucky.
In fact, the precious metal has been one of the most jittery asset classes this year.
Gold prices plunged to a two-year low in April on worries about slowing growth in China. Investors also shunned gold in favor of stocks, which have had a record-setting run this year...before all the recent volatility.
Gold prices dropped more than 1% Thursday and currently hover around $1,377 an ounce.
After years of moving higher, gold prices are now down nearly 30% from all-time highs above $1,900 an ounce hit in mid-2011.
While gold bulls are often the most vociferous in their defense of the metal's enduring value, talk of a sharp fall in gold prices easily spooks investors.
Societe General's commodity analysts think gold could hit $1,150 in 2014 as investors rush out of their gold ETF holdings at a faster pace. The SPDR Gold Shares Trust fell 1% Thursday and is down nearly 18% this year.
Soc Gen's analysts said gold has been in a long-term bubble as inflation wary investors plowed into the precious metal as a hedge. Now that inflation concerns have ebbed, investors, they say, will sell out.
Other traders on StockTwits see technical reasons to bet on a gold sell-off.
Ah yes, lest we forget the Fed. That's what's causing all the market gyrations around the globe. The $64,000 question: When will they start tapering?
Still not all traders on StockTwits were quite as bearish.
As market strategist Jon Boorman notes, gold is always a hot topic.