MarketWatch – Long-term and perhaps even short-term investors of gold could be forgiven for getting rattled on Thursday as the precious metal dropped below $1,700 an ounce GCG3 -0.01%, down over $26 in the early hours of U.S. trading.
Get used to it, says Uri Landesman, president of Platinum Partners, a New York-based multi-strategy hedge fund. ”Gold was overvalued and it’s going to come down dramatically,” he said. And he sees 2013 shaping up as a year where gold will trade in a range of $1,400 and $1,800, meaning current prices are on the high side.
