5. No equity crash: The long-awaited bubble popping hasn't occurred. Expectations are that once this finally happens, investors will flock back to the precious metals.
The bottom line seems to be that all of the factors that led to the huge rally in gold from 2001-2011 are no longer present.
The year isn't yet half over and gold still could stage a comeback. But with each passing day, it looks more and more like the bull market in gold that began more than a decade ago is over.