I think that 1,250 or so would be the buy point now. The gold bugs are ready to pounce.
Gold could easily be headed for $1150 this year if money trapped inside Egypt (and Syria) keeps getting out via physical gold (which is immediately sold so that the holder then has a non-Egyptian currency).
Ditto for Central Banks who need to raise liquidity because their region is in a recession (e.g. Europe, Japan, et al).
Also, gold-hawkers used to claim that the urbanization of Asia would raise gold prices...but the status symbol for rural ex-pats who move to urban areas is now a job, not a stash of gold.
Different world. Many won’t adapt in time.