Equity Research Form Says Gold Unlikely To Move Above $1,500

That firm, Sydney-based Resource Capital Research (RCR), says that safe-haven demand isn't strong enough to push gold up above $1,500. They allow for the possibility of more new record highs, but not for another bull run like last fall's.

"We are concerned about the supply-demand fundamentals, particularly the recent outflows of gold on to the market from exchange traded funds, reflecting a lack of conviction in gold at current levels," RCR said.

It said it did not expect the US dollar to collapse, which itself was a safe haven, and considered inflation fears were over-stated.

Maybe, but gold's risen for the last ten years while being recurrently counted out. They may be comcentrating on the short term.