A year ago on CNBC I predicted that gold could have reached over 1300$ without creating a bubble. Even more recently I have recommended gold throughout my summer appearances.
I think that, while the current price might not be an ideal entry point, further intervention from the US Federal Reserve can only increase demand for inflation proof assets like precious metals. Further intervention seems to be almost a certainty given that U.S. unemployment is still at very high levels.

In Europe the picture is not much different: the ECB will continue their bond purchasing programme and the Bank of England has also recently expanded its stimulus programme by 100 billion pounds. This explains the high levels in the Swiss Franc vs. other currencies.

Swiss and other banks are rolling out new products to make an investment in Gold even more accessible. Furthermore gold is becoming to some investor like a currency and a vote of scarce confidence in central banks and paper money. In this environment I wouldn't sell my holdings of precious metals and see the possible corrections are buying opportunities.

- Further Fed intervention can be beneficial for commodities, including precious metals, and equities but negative (in the mid long term) for the U.S. Dollar. This said the pessimism on the Dollar might be overdone and a correction can be expected.