Gold fell below $4,000/oz this week, marking a sharp reversal of a multi-year bull market. Last year was gold's best in 40 years, underpinned by a 'devaluation trade'—investors buying gold as developed-market fiscal burdens rose—but that support has largely unwound. 'When crowded long trades come under pressure, investors often don't sell what they want to sell, they sell what they can,' Charu Chanana, chief investment strategist at Saxo Group, said, noting gold's outsized gains made it a ready

Gold fell below $4,000/oz this week, marking a sharp reversal of a multi-year bull market. Last year was gold's best in 40 years, underpinned by a 'devaluation trade'—investors buying gold as developed-market fiscal burdens rose—but that support has largely unwound. 'When crowded long trades come under pressure, investors often don't sell what they want to sell, they sell what they can,' Charu Chanana, chief investment strategist at Saxo Group, said, noting gold's outsized gains made it a ready source of cash as portfolios cut risk. The dollar is poised for a second weekly gain; since last week's Fed meeting the dollar has risen 1.7% versus other currencies.