Robert Prechter Bearish On Gold

That isn't a new stance for him, but the reason given now is essentially contrarian:

Meanwhile, the most popular alternative to currencies, gold, isn’t such a good buy either, according to the veteran market watcher. “It’s losing upside momentum at the same time more people are getting more enamored with it,” [Prechter] notes.

Interestingly, he has this to say to the fear that gold will drop should recovery ensue:

Contrary to popular belief, “gold tends to rise when the economy is expanding not when it’s in recession,” according to Prechter’s research.

Of course, there are expansionary periods where gold does not do well; the '90s are an example. Believe it or not, the '80s did follow that rule. Gold got to $300 in 1982, and rallied to almost $500 until the crash of '87 intruded.