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Gold and silver prices have been in meltdown mode in recent weeks. Gold spent much of 2014 trading around $1,250 an ounce. Now it trades below $1,145 — its lowest level in over four years.

Why are gold and silver going out of fashion with investors? It’s simple: The “end-of-the-world trade” is no longer popular.

Investors buy gold when they’re scared. Right now the U.S. economy continues to chug along, Ebola fears have faded, tensions with Russia have eased and Western countries are containing ISIS.

All of that has been great news for U.S. stocks, which have zoomed back to record highs, and for surging U.S. dollar.

But a stronger greenback hurts gold and silver because they are priced in dollars. A sharp decline in currencies like the euro makes gold more expensive for global investors.

“The main driver has been the strength of the U.S. dollar,” said George Gero, precious metals strategist at RBC Capital Markets.

No Fed help for metals: Gold is down about 17% since it peaked in mid-March at $1,380 an ounce. But it’s been on an especially steep decline lately with prices sinking 9% since Oct. 21.