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The trouble with gold: beaten up, but still no bargain

If you were to scour global markets in search of a beaten-up investment that no one wants, gold would certainly attract your attention. But has it become a contrarian buying opportunity?

The general disdain for gold is reflected in the price: It has fallen to about $1,320 (U.S.) an ounce, down $580 or more than 40 per cent from its record high in 2011. Last year, it suffered its worst annual decline in more than three decades.