If you ain't trading it, you will get cracked as well. Gold should see $600s before it sees $1200. I would bet on that pretty strongly.
Frankly, you have several things going against you. #1 the dollar will remain strong for a good long while, its not that its so strong, its that everyone else is so weak.
And, booyahhead called it again at $1000! Last time he called it long it went from $1000 to $700s pretty fast. Looks like he did it again, called another top! Wheeee!
I do think Gold will come back into focus at some point when inflation comes back into play, but for now deflation is the mode of choice. EVERYTHING here is a TRADE, I called Gold again at $800ish and sold it near $1000. To me thats a great trade, I then shorted it and made about $35 on it, covering yesterday. Wish I held since it went down another $30, but thats ok, I'll live.
The inherent problem with Gold is what drives it and what will kill it and that is it has no real inherent value, its all a mind game. When people panic eventually it'll crack like everything else. Market is down and GOld is cracked here, expect more of the same over time.
There ya go, for those that asked!