Sentiment in gold has done a complete 180 degree turn! Actually good for gold. However, pain is here for the longs at the moment. IMHO look for one more downturn at or below 1320 to squeeze out the last speculators of gold. Finally, as long as the stock market continues to trend higher gold isn't going anywhere but trending down. Gold will shine again but not just yet.
Silly boy. Just think of what a 4% allocation maintained in gold over the decades would have done to enhance your portfolio. Think of all the equities you would have bought in the past 10 years as gold rose and you sold it down to keep the 4% allocation.