By Alexander Green, Investment U Chief Investment Strategist

No one likes to hear an investment analyst say, "I told you so."

It's unseemly. And it grates.

After all, we know market pundits can look back on the good calls and conveniently forget about the bad ones. On top of this selective memory, a good call doesn't necessarily show any particularly acumen. Maybe a stock or a currency or a commodity went up or down as predicted but not for the reasons the analyst foresaw.

However, gold has hit the skids ? it recently broke through a 2 1/2-year low ? and for exactly the reasons I've been warning about for months.

If you have a big position in gold... it's time to cup your groin.

As I've said many times before, whether gold is overvalued or undervalued is difficult to ascertain under any circumstances.

Gold accrues no interest, pays no dividends, generates no earnings and provides no rental income. So you can forget about P/E ratios, book value, discounted cash flow or yield to maturity.

It is a speculative asset. Period.

An Unreasonable Trend

Why then did I keep harping on its coming collapse? For three reasons, including one big one.