Is Gold Heading South?

GLD, the gold ETF has decisively moved to the downside today. Since the 2008 financial crisis, GLD has held the 100-week moving average. Even during the "dark days" of Jun-Aug 2012, it did not break that line. Today it gapped down below that line, an ominous sign. I have not read any specific news or reason for today's move. It could just be that bulls have finally given up and bears are in control.

Note that Credit Suisse came out with a bearish call on the gold market last week (click here for story) (click here for video). They argue that the reasons for buying gold vis-a-vis (a) protection against "tail risk" and (b) inflation hedge are no longer valid because (1) central bank actions have removed risk of (a), and (2) TIPs do not suggest (b) happening anytime soon. Also gold in $2007 is at the highest level since 1841 (yes, 1841).

The commodity guru Dennis Gartman agrees with Credit Suisse although Jim Rogers takes the opposite side of the trade.