Gold’s security no longer seems to appeal to investors as it once did as gold-backed products that are exchanged on the markets took their greatest hit in the decade-long history of the securities, reflecting the greatest price drop in 32 years.

This years marks the first annual decrease of ETPs since the funds began trading in 2003, with holdings in the 14 largest products plummeting 31 percent. The value of assets has cumulatively lost $69.5 billion with prices declining the most since 1981. Analysts surveyed by Bloomberg expect another 311 tons to be withdrawn next year.

Contrary to current conditions, last year’s ETP investments hit a record $148 billion and assisted in holding up the bull market that increased prices more that sixfold since 2001. The precipitous drop indicates that investors no longer consider gold to be the preserver of wealth they once did as inflation failed did not speed up as expected. Even John Paulson, the largest investor in the biggest ETP said he wouldn’t be buying any more last month.

According to Robin Bhar, who has been ranked by Bloomberg as the most-accurate forecaster for precious metals over the last 8 quarter and works for Societe General SA from London, “all the bullish factors we had pushing gold higher in the last 12 years are now going into reverse.” His prediction for next year? “There will be more ETF selling in 2014 as the price goes lower.”