I've never been "long" gold (held a position in the metal anticipating a rise in price)
I HAVE taken short positions, and have made some good money.
The point, as is pointed out below, gold has little intrinsic value, it costs money to own, and does not generate income.
ROI: Is Gold Headed For a Bubble? - WSJ.com:
"Ordinary U.S. investors, on average, aren't timing this market too well. Money flows into, and out of, exchange-traded bullions funds like GLD, and are tracked monthly by Financial Research Corp., an analytics company. Comparing them to gold prices over the past year is disheartening.
Gold spiked well above $900 an ounce in July 2008 and again this February and March. Those, of course, were the months when bullion funds reported by far their biggest net inflows. Yet when gold slumped, as it did last October and November and again in April, so did fund sales.
Rarely does anyone discuss the biggest problem with gold -- no one actually knows what this metal is really worth. After all, it generates no income. All the gains come from capital appreciation. And that, of course, is a gamble."