“Is it because the Fed is now in tightening mode? Is the Great Experiment over? Was it a success? Or have gold investors misjudged things? Our guess: No, no, no and no. As we’ve been telling members of our family wealth advisory, the Great Experiment is NOT over. The Fed is NOT tightening. The economy has NOT revived. And gold investors have understood correctly that the Fed’s policies WON’T cause growth… or inflation. Instead, they will lead to stagnation, which could last for many years. Just look at Japan. When that reality sets in, so will a more determined… and direct… form of monetary stimulus. Gold’s day will come; but it may not come tomorrow.”
http://www.bonnerandpartners.com/a-vicious-collapse-in-gold/
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