And I make it a point to sell when the "man in the street" starts giving me investment tips. That happened most recently in 2011, when over a glass of Malbec at a local watering hole, I overheard two other patrons talking about the "killing" they were about to make buying gold at $1,800 an ounce. I sold all but my core position the next day.

Since then, gold has had a tough time of it. It closed last week under $1,100 per ounce. The talking heads now predict $800 gold by the end of 2016.

I don't agree, but I understand their logic. After all,

The US dollar is on a tear. Many investors purchase gold to guard against dollar devaluation. But the US Dollar Index, a weighted average of the dollar's value against a basket of currencies, stands near its highest level (reached in March) since 2003. In the last year alone, this index has soared over 15%.

Digital currencies like Bitcoin are eating away at gold's popularity. No, digital currencies aren't backed by a commodity, but they're not created out of thin air by a central bank either. And their ease of use and potential for anonymous financial transactions has reduced some of gold's traditional allure.