I'm not a gold expert or bug or bear or even an amateur. But looking at the global economic slump (heck even Walmart sales are down significantly), maybe there's not enough demand for goods to buy with it (e.g., oil)?
Just blue-skying, I really don't know (obviously).
The price of paper gold and physical gold aren’t always the same. Lots of gold on paper being manipulated that doesn’t really exist. http://www.zerohedge.com/contributed/2013-02-15/gold-leaps-backwardation