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Byline: PAUL KATZEFF
Tech was tops during the market run-up of the late 1990s. But in 2002, gold was king.
Funds focused on the metal soared an average of 62.22% for the year through Dec. 26, says Lipper Inc.
They gained almost 13% in the fourth quarter.
They had more than adequate competition in that quarter. Telecom funds soared more than 27%. Sci-tech funds raced ahead nearly 21%.
Still, tech and telecom did most of their best work in October and November. Gold gained almost 23% in December alone. Sci tech fell more than 11%. Telecom shrank 7.6%.
For the year, tech funds fell harder than any sector. They lost nearly 42%. Close behind, telecom funds fell more than 40%.