First published by Money Metals here: https://www.moneymetals.com/news/2017/07/06/frustrated-gold-silver-investors-001108

The biggest frustration to many precious metals investors, is why have the gold and silver prices under-performed the market since 2011? Actually, for gold it was since 2012. Even though gold hit a new record high of $1,900 in September 2011, its average annual price was higher in 2012 at $1,669 compared to $1,571 the prior year.