Gold looks like it could be losing its luster as a speculative investment.
I can remember that last time gold prices had a big run up in the late 70's an 1980. Then the steady decline happened and prices stabilized way off the peak price. That time was a little different than this time. Real inflation drove it.
This time it seemed to be driven by fear of the financial crisis and concerns of future inflation.
Wall Street sours on gold - The Buzz - Investment and Stock Market News