A month or so ago, I was buying gold (the GLD) in the low 150s, and the other day I bought at 145.. Now it's priced at 132-135. That's the nature of gold...there are few subordinate, objective metrics to gauge value, save for supplies and the transaction activity of large buyers and sellers, e.g. China. Value is mostly a subjective study. You buy it when you think you need to do so, not to make a quick buck, but when you think you need more in your portfolio. You don't want to buy at all-time highs, but your timing is subject to the whims of some precious metals deity.
I'm pondering, of course, whether to buy at these lower prices, particularly because, despite the skeptics, there will be inflation "at some point." (Yeah, I'm well aware that a broken clock is right twice a day.) But because I've already reached my target 4% portfolio allocation and because the downdraft may not be entirely over, I'm going to wait a week or two and watch the price. I can probably stay within the self-imposed 4% limit. But I won't buy in the near term above $140.
Disclosure: I am long GLD.