In the tale of two economies, gold could suffer.

It seems to me ongoing government and central bank "stimulus" is hampering the ability of the economy to generate real growth. This may be the catalyst for a long period of "low inflation" and rising unemployment while, at the same time, the stock market works higher and higher as it becomes increasingly detached from the real economy to a degree we have not witnessed before ... thus perpetuating an economic environment already taking hold in America. One characterized by those with access to capital who are quite happy and those without who are growing increasingly unhappy.  

 Trade Idea:

 In a slow-growth "muddle through" low-inflationary world whereby financial assets are valued higher than real assets (as seen in the continued rise in the S&P/CRB ratio), the US dollar looks relatively attractive against its main rival the euro, it could mean a broader sell-off in gold than is now imagined ...

 Currency Currents 11 February 2013