Yes, you're correct that gold's done exceptionally well since 1999, but nothing goes up forever, it's a fact of life many ignore.
Gravity will eventually assert itself, but who knows when or what will precipitate it, but in general when stockmarkets are doing well, gold isn't, and that's the case for the last year and also the 20 odd years that gold was in the doldrums following the 1980 crash.
Debt, Euro, recession, all that influences the gold price, but at the end of the day, if punters decide to sell, those factors mean absolutely nothing, the gold price will fall.
Gold doesn't have a P/E, it's only worth what someone is willing to pay for it.
