From 2004 to 2011, the price of gold soared from under $400 an ounce to more than $1,900. Then gold turned to iron pyrite, dropping by more than 40% to less than $1,200 in 2013.

“Gold is certainly not correlated to the stock market,” says Andy Kapyrin, director of research at RegentAtlantic Capital, a wealth management firm in Morristown, N.J. But is gold the kind of non-correlated, alternative asset that investors should be holding now?

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