Yet some gold buyers see the current downtrend as a temporary decline.
John Hummel, chief investment officer AIS Group, thinks that in order for gold's run to be over definitively, investors' "greed gauge" for the metal has to register off the charts. He likened it to the Dot-com bubble of the 1990s, where it seemed as if everyone wanted a piece of a frothy stock market.
There was a "euphoric 'I've got to have some of this'…that hasn't happened," Hummel said. "There's a huge amount of skepticism toward the bull market in gold. The greed gauge has to go a lot higher before" the rally completely exhausts itself, he said.
And the fundamentals still bode for higher gold, Hummel said. Although the ECB held off on cutting rates, the Fed's bond-buying remains intact. Meanwhile, investors are losing faith in paper money, as central banks around the world try and hold down their currencies. (Read more: Gold Can Still Break Through $2,000: Analysts.)
These factors "are driving the price of gold and that will continue to increase, unless there's some sort of dramatic change," Hummel said.
Yet reminiscent of the analyst who once famously predicted the Dow Jones Industrial Average would skyrocket to 36,000, Hummel said that in the very long-term, factors may eventually push bullion to $10,000.
"I would call it a possibility depending upon circumstances that develop. But do I put a high probability on it? No," he said.
Gold above $10,000 puts Hummel in the outlier camp, yet he's not quite alone.
Anthem Blanchard CEO of Blanchard Vault, a retail gold and silver supplier, maintains an eight to 16-year target on gold of $13,000 – an aggressive call even for a gold bug.
Charting data that compares gold's fixing price in London with the monthly average of the Dow, "I foresee the gold-to-Dow ratio eventually reaching 1-to-1 …due to ever-increasing monetary inflation for the foreseeable future," Blanchard said.
Now that's bullish.