The headwinds for gold appear to be mounting.
Stocks are rising to new highs, potentially drawing fresh money into the equity market. Meanwhile, the U.S. dollar index is nearly at a one-year high, which hurts the classic gold-bug argument that the dollar will weaken and only gold can truly store value.
As for fear, it's nearly absent. The CBOE Volatility Index, or the VIX, is back at levels that indicate a lack of concern about the markets, which is another strike against safe-haven assets like gold.
Despite everything that's been thrown gold's way, the precious metal has managed to hold its own, falling only slightly below the key $1,300 per ounce level, and looking to end August about perfectly flat.
"I think the resiliency in gold has been tremendous. Look at every reason the bears have had to sell it—and they have not been victorious," said Jeff Kilburg of KKM Asset Management. "So I like owning gold now, due to the fact that it's kind of like the Rocky Balboa right now—it's going around the ring, it's been knocked a bunch of times, but it will not go now."
Of course, some say it's simply a matter of time.
"It doesn't look that good on the charts, and it doesn't look that good fundamentally. I don't see much going for it, really," said Edward Meir, metals analyst with INFL FCStone. "It could retest the June lows" down at $1,240.
Meir says gold prices have been propped up by concerns emanating from Ukraine and Iraq, but that the picture otherwise looks bleak.