I, for one, am hedging my bets. Earnings season in the US will be key to how gold plays out IMHO - if they surprise to the upside, dollar will fall further into the .72 range and gold will continue to make new highs.

If earnings don't do well, the "flight to quality" (hahaha!) will push the USD back up and we'll take some pain in gold and SGR. I'm hedged 60/40 - preservation of capital right now seems prudent (for me anyways). If the S&P breaks above 1080 my hedges will come off for the next leg up to 1100-ish.

David Rosenberg is seriously bearish again on the markets in general - which is not bullish for gold assuming the trend of markets / gold going up in tandem continues.