Gold has had a rough 12 months. At this time last year, gold traded near $2,000 per ounce. Today, it sits closer to $1,800 per ounce. “Probably the most quizzical thing about gold’s lagging performance is that its fundamental backdrop has been quite strong,” says John LaForge, head of real asset strategy for Wells Fargo.

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“Normally, low real interest rates, excessive global money printing, a commodity bull super-cycle, and decade-high inflation rates would have helped push gold prices higher, not lower,” LaForge tells our Daniela Cambone. “The bottom line — gold’s recent struggles may not be due to fundamentals, but new competition,” he said.