It was three years ago this Saturday that the price of gold reached its all-time high price of $1,923.70 per ounce. Since then, it's lost more than a third of its value, with the price dropping by nearly $700 an ounce.
But the current price of just over $1,260 an ounce isn't a new low since it set that high mark. Last December, the price of gold dropped to $1,187.10. So gold has done OK in 2014, even though it's been dropping recently, falling this week to its lowest level since mid-June.
What has caused gold's price to drop? At her confirmation hearings last year, Fed chair Janet Yellen famously said, "I don’t think anybody has a very good model of what makes gold prices go up or down.” But some pundits think the Fed itself has caused the drop in gold prices, as investors are bracing for a rise in interest rates.
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