Gold Drops Below $1,400/oz

Gold hit a record high of US$1,416.10/oz on Monday of this week but it's dropping today, losing $25 and waffling around $1,384 this afternoon. The price ranged between $1405.40 and $1372.10. I think gold is dead but it won't drop straight down. It'll drop and rally in alternating waves before the death knell is rung and the rug is pulled out from underneath. I think 2011 will prove that the bull market in gold was a fool's errand in capital preservation futility.