Credit Suisse published a report – Gold: The Beginning of the End of an Era – back in February. The basic thesis was that the peak of the fear trade has now passed and that against any sensible benchmark gold still appears significantly overvalued relative to the long run historical experience. Its important to keep the bigger picture in mind before you rush to buy the dips.
Here are some charts from the same report.
TL;DR: gold is expensive, has broken its uptrend and is a poor inflation hedge (in terms of USD).