The major gold producers are mostly run by accountant's not miners or gold bugs.

Personally I see gold as a currency that does not pay interest. When the other currencies are trusted gold loses a lot of value (it does not pay interest). When the trust in the other currencies is in doubt then gold goes up (they currently do not pay positive interest either).

The powers that be will need to take some drastic measures to regain that trust this time. So far they have done all the wrong things but I will be watching for the signals that they are going to change tactics. I don't think it is time yet QE3 is coming.