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It was gold.

Gold's price over the last twelve months, from about $4,000 an ounce up to $5,318 in late January and back down to $3,913.

Gold was $4,000 an ounce on 3 November last year and $3,913 at yesterday's close, down 2% across the twelve months. It peaked at $5,318 on 29 January, and it's down 26% since.

Why that chart was hard

Silver drew almost the same line. It also peaked in the last week of January and spent the rest of the year sliding back, though its moves were far bigger: it more than doubled to $115, then lost more than half of that. With the scale stripped off, the size of a move disappears and only the shape is left.

Bitcoin was the easier one to rule out. It started the window at its high, about $110,650, and closed yesterday 31% lower, so its line runs downhill from the first day.

Another one next Wednesday.