The real spot price of gold as determined by the largest online auction site in the world is roughly $1700 including shipping. The futures prices are at or below $1400. Gold is a market in backwardation, which is a bullish sign: people are paying a $300 premium for gold in their hands now, not a paper promise for gold in the future. Markets in backwardation are very bullish and prone to parabolic blow-offs. That move may not come to the paper market, but physical gold will be selling for higher prices in the near future. Don't buy the headfake. The gold bull is alive and well.