Has the government stopped printing fiat currency?
That's the only question you need to ask. There's a lull right now as Europe's banks try to recapitalize -- they're sucking up all the cash they can lay their hands on -- but nothing has changed that would cause people to have faith in paper currency.
When gold crashed in the eighties it was because Volcker and Reagan got serious about cutting the money supply to stop price inflation. All of a sudden, people saw a future in cash. I don't see anything like that happening now.
As long as the Fed exists there will be increase in fiat currency in the long run. The congress is addicted to it and the government couldn't exist in its current form without it. Gold will never stop going up long term.