As the Dollar Dims, Gold's Luster Grows

That said, "the primary trend is bullish in gold, bearish in stocks and the dollar," he said. "Those trends tend to go for very long times."

Indeed, gold has steadily outperformed the S&P 500 in the past one-, two- and five-year periods, as well as to date in 2003. Still, skepticism remains high when it comes to the yellow metal, and those who are bullish feel compelled to explain why vs. putting the onus on the metal's many doubters.

From a contrarian perspective, that's a good thing for those long gold and related stocks, which I am, via the Tocqueville Gold fund.