Money Morning’s Keith Fitz-Gerald brings us a sobering look at investing in gold. If there is a moral to the story, it’s that nothing is what it seems anymore – not even gold.

You’d think that after losing over half its value, the S&P 500 would be cheap. But you would be wrong, too, just by thinking that thought.

Most investors want to abandon everything and run for cover thanks to all the bad news, stock collapses and recession. Can it get any worse? Sandy Franks of the Taipan Publishing Group says, “no.” So what do you do with your money now?

Gold declined on Wednesday, extending the previous session’s 3 percent losses, after Federal Reserve Chairman Ben Bernanke’s reassurances on the outlook for inflation and the economy cooled risk aversion.

Gold’s performance in 2008 could look like a real yawner. After all, it only managed to eke out a 5.7% gain.  Not the kind you’d normally brag about over cocktails.

Another day, another round of bad news from the brokers and the banks.

Gold held steady from the far East through London trading on Tuesday, but once the NYMEX opened it fell like a stone, and a modest rally off of $905 was snuffed out during the Globex, as it finished at $904.40/oz., down $19.80 from Friday. Overnight, gold has continued to decline.

It’s important to be able to “step back” once in a while — in life, in work, and in markets, too. For those who would be rich, patience and wisdom count for far more than being clever.

Ah, Friday. The best day of the week. Here are some quick odds and ends for you headed into the weekend — followed by an interesting research piece you won’t want to miss.