Here is Jim Rogers' assessment of gold. It's pretty bad when the biggest commodity bulls have this view...
“Gold is a commodity but gold is one of my least favorite commodities. There are other commodities that are going to do a whole lot better. Supply and demand are completely out of whack for nearly all commodities, and the inventories – they've run down the inventories of nearly every commodity in the world. The exception, of course, is gold.
Gold exploration has continued to expand for the past 20 years, gold mining production has continued to expand – it certainly hasn't declined in the past 25 years even though gold is down, and gold inventories are at the highest in the history of the world. I mean all the gold that's ever been mined is still out there. The Central Banks own it. The Central Banks want to sell it. I'm not saying they're right or wrong, mind you, don't get me wrong. I'm not making a value judgment here. I'm just dealing with facts. So I own gold. It's in my index. I own a couple of gold-mining shares but I am less optimistic on gold than I am on most other commodities. But I do own it. For centuries, people have tried to figure out how to turn lead into gold – do you know that alchemist's quest: "If we could figure out how to turn lead into gold, we'd all be rich." I would submit to you that you should figure out a way to turn gold into lead and you'd make a lot more in the next few years because lead would go up more, percentage wise.”