No, I don't think so. My rudimemtary TA says that gold woud have to go much lower than $1500. before the gold bull could be declared dead. There are some scary times ahead for sure but look for something akin to QE coming out of Europe. Also I am still thinking that after a little more softening up the U.S. will return to QE. Obama is having a rough ride but 2012 is still an election year. All bets are off after the election. JMHO.