Just to clear something up. I'm not shorting GLD on the chart i i ncluded. I included the longterm chart of goldprices to show how it has run away from recent historic levels over the last ten years. To show that it has the shape of a bubble spike. I don't see any indications in this chart it should reverse. Trading gold can also hardly be done on fundamentals. Yet i'd like to reïterate; Gold was being bought to speculate against major inflation and the destruction of major currencies. Europe is regaining stability (albeit slowly), Europe is also fighting off deflation and although it's possible the focus will go back on the problems in the U.S (budget deficit, government default etc.) it's not currently there. And the focus might not remain so gloomy.
And just because recently gold showed it's true character. Large volatility and downward risk just like other assets. Investors are realizing it is not so unique after all. This dulled it's shine a bit and it would not surprise me if this turned away a lot of investors looking to it for some kind of ironclad protection. That in turn could trigger selling by speculators who were riding the huge run up. Anyway you get how the spike could reverse course very quickly.