re: Gold...why is it down?

Claiming that inflation is going to go up is like claiming that the sun will rise. At least we know that the sun will rise tomorrow and yet nobody can identify if and when inflation will set in and to what degree. The only thing we can say is that eventually the inflation claim will hold true even if its 20 years from now. Periods of inflation are a well documented part of history in the ebb and flow of the US economy. So too are gold and PM bubbles. I believe Gold is like any asset and most academic peer reviewed data suggests that charting and historic pricing has little to no bearing on future earnings. If the market is efficient then all that info is already in Gold's current price. Perhaps I'm old school but the whole current gold phenomenon seems oddly tulip bulb like. There's just too much uncertainty for me to jump in and many of the most outspoken buyers would certainly be classified as irrational, so I'll stick with what I know...

As I listen to the illuminati who invest heavily in PM scream "dont sell" I honestly dont know if its because they believe the price will go up or hate the idea of a rash of sales bringing down their own portfolio value. We'll see if they are right or fell victim to the reluctance to sell/overconfidence biases that Investment Psychologists write about.