The price will ebb and flow, but it's still in a secular bull market

"There is no question that gold's allure as a safe-haven has taken a bit of a beating with the more confident tone coming out of European markets," writes economist David Rosenberg of the Gluskin Sheff investment firm in a research note.

"But be assured that in a global post-bubble credit collapse, skeletons come out of the closet when you least expect it. The surprises are not over; not by a long shot. And the gold price will ebb and flow, but it is in a secular bull market and will retain its natural hedge against recurring concerns surrounding the integrity of the global financial system. Watering down financial regulation bills in the U.S.A., kicking the can down the road via less-than-onerous Eurozone stress tests and reduced capital stringency as per Basel III does not alter the deleveraging game that much and the rounds of market instability that will come our way."

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