MARKETS SPECTATOR: Hard to back a winner

After the retirement of Black Caviar, it seems gold's fall, miner cost troubles and increased geopolitical risk have investors hard placed to find any sure bets.

Twenty five wins from 25 starts. No investor can boast of such a record. But for those punters who faithfully backed the great mare, she was, to use a much overused phrase, 'gold', which is more than one can say for the so-called precious metal itself. Its price has fallen almost 30 per cent from record highs. Offshore traded gold stock such as Fresnillo tumbled 7.5 per cent in European trading. That makes the outlook for local gold stocks, well, just a little gloomy.

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