A strange phenomenon has been happening lately: not only everybody is bullish on gold, but gold is not making new highs in USD terms. This is a symptom of the deflation in the US, that people are confusing with high inflation (the "why?" question remains to be answered).
Interestingly, I have received two clues in the past few days that makes me believe that gold might be topping out:
1- An email from a bullion merchant in London offering discounts on gold. It's the first time I see this. Why would you ever do that? Gold is money, you can't give discount on money — except maybe when you badly need to hold to paper currency... Yet another sign of deflation and of gold sales being not as good as forecasted...
2- Adverts for gold coins on Facebook? Isn't Facebook the ultimate mainstream media?