Gold is down about 17% in 2013, but here's why gold prices are up today – and will continue their rise…
On Monday, as gold inched toward $1,400 an ounce, bulls claimed the yellow metal was entering a third-quarter bull market – and Tuesday's gold-price gains helped it get there.
Comex gold surged $24.40 to $1,417.50 an ounce in mid-morning trading Tuesday, and spot gold soared $13.50 to $1,419, a three-month high.
The precious metal is now up some $200 an ounce, or 20%, from June's three-year low of $1,179.40. A 20% gain equals a bull market.
Propelling gold prices Tuesday was a move from "risk-off" trades into safe haven assets.
All three major U.S. benchmarks were off sharply Tuesday, piggybacking the swoon that began late Monday, as investors grow increasingly concerned the United States and its allies are organizing military action against Syria.