To Jef­fery Born, a pro­fessor of finance at the D’Amore McKim School of Busi­ness at North­eastern Uni­ver­sity, gold’s big decline didn’t come as much of a surprise.

Born said he decided two years ago stocks were the best long-​​term invest­ment. The problem with gold? It pays no div­i­dends, costs money to store and includes the risk of being stolen, he said.

It’s a “sucker’s investment/​bet,” he said in a recent email.

Born’s cri­tique is nothing new. But many gold bulls remain faithful.

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