The history of gold is that, for most of its history, it's been declining in price, followed by short periods with very rapid spikes in price. In history, if you take out 15% of the months, which have come in 6 or 7 spurts depending on what currency you're in, the cumulative rest of history gold has been a net money loser. Whenever you have something that gets 100% of its return in 15% of the months, you better be really good at timing.
My point is I am neither pro-gold or con-gold, when I am asked, "What do you think about gold?" I ask, "Well, what do you think about your ability to time?"
~Ken Fisher, Intelligent Investing with Steve Forbes, April 23rd, 2010