The Globe and Mail reports in its Tuesday edition that the gold bugs are trimming their expectations. A Bloomberg dispatch to The Globe says that after more than doubling in the first half, a gauge of 14 senior global gold producers posted the smallest gain in a year in the third quarter. Investors poured the least money into SPDR Gold Shares last quarter since late 2015, when the largest exchange-traded gold fund saw three straight quarterly outflows. Alan Gayle at Atlanta-based RidgeWorth Investments said he has pared his gold allocation by 25 per cent this quarter. While there has been no drastic change in the outlook for the metal they produce, soaring valuations of miners are giving investors the jitters. The BI Global Senior Gold Valuation Peer Group, a basket of 14 producers, was up 0.1 per cent in the third quarter, the least since the same three months of last year, when prices fell. The gauge's rise in the first half was the biggest such gain in records going back to 2005. AngloGold Ashanti, Barrick and Yamana led declines in the index this quarter, each losing more than 12 per cent in the third quarter. The rally in gold futures traded on the Comex slowed to 0.3 per cent in the third quarter.