From Brian Nick, in an interview with Hard Assets Investor:

...Now is a good time to short gold, but probably a better time to short gold would have been back in November, when it was $200/oz higher.

We think that the run-up in gold was overstated, and we don't think the reasons for it were sound. We think that a lot of the fear driving people to invest in gold has to do with the devaluation of the U.S. dollar, interest rates in the U.S. staying too low for too long, worries about inflation and the U.S. debt, and so on. With all that tied together, people flocked to gold as a store of value.

But when you look at the fundamentals, this doesn't seem like an environment where gold should do well...

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