Over the last year, gold is still handily outperforming indices like the S&P 500, Russell 1,000 Value, and Russell 1,000 Growth.
Checking in on front-month gold's drawdown, at the worst of the decline on a closing basis, gold fell 17.7% versus its January peak.
The metal has rallied back to now be 11.8% from its 52-week high. That is only a few percentage points worse than the historical average drawdown (-9.9%).
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Last year, precious metals were an astoundingly strong trade with some of the strongest performance of any asset. As shown below, as the calendar turned the page, the rally in front-month gold has reversed.
