2013 was an unusual year for gold. The precious metal ended the year down 29% to $1,203 an ounce. Little has changed since then and sentiment is growing that 2014, like 2013, will not be a banner year for the yellow metal.

Bank of America Merrill Lynch this week slashed its 2014 outlook for gold to an average of $1,150 an ounce. Barclays ans HSBC have also cut their gold forecasts.

Barry Ritholtz, chief investment officer of Ritholtz Wealth Management, tells The Daily Ticker that investors need to be aware of the narrative for gold, as they should for any major asset class.

Related: "The World's Most Seductive Metal": Gold's Top 5 Secrets

He explains the narrative for gold was positive when the dollar lost 41% between 2001 and 2008. 

"Inflation was very robust in the 2000's; post-crisis inflation really is nowhere to be found," he says in the video above.

But the narrative among gold bugs worried aroud rising inflation didn't change. "It utterly failed," says Ritholtz, adding that "the trade eventually ends."

Related: Jim Rogers: Gold Could Fall to $900 in Next 1-2 Years

In a recent Bloomberg View piece, Ritholtz offers ten lessons to learn from the "epic rise and horrific fall of gold."

Watch the video above to hear what the lessons are!

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