A notable feature of the investment landscape over the past few months has been the 12 percent drop in the price of gold since September.
During that time, we've heard some incredibly bearish calls on gold from strategists at Goldman Sachs and Credit Suisse, among other shops. Rising real interest rates are said to be the death knell for gold.
Morgan Stanley, which for a while has touted gold as its number-one investment idea in the commodity space, isn't ready to throw in the towel just yet.
In fact, according to the bank's Chief Metals Economist, Peter Richardson, "The reasons for owning gold may be evolving."