What's Next for Gold Prices?

Has the optimism on the price of gold become too extreme?

Interesting column up at Marketwatch from Mark Hulbert taking a look at investor sentiment in the gold market, and wondering if the most likely move from here is down.

Look I've been wrong about gold. And this year, I thought the theme would be investors fleeing gold and bond and buying stocks. Well, it looked like that was the pace as the year began.

But then, Egypt, Japan, Libya... Inflation in China. More uncertainty about Europe's fiscal health. (And America's, too).

Gold is the safe haven. And when there is turmoil and uncertainty, people turn to gold.

But how much of this is priced in? Are those most likely to flee to safety, or exploit those who do, already in?

Good column from Hulbert!