michael,
The more direct cause of gold going down is that the banks of the world are becoming stronger by getting rid of bad assets, by de-leveraging, and by re-building currency reserves. With that as a result, it doesn't matter how they get there -- whether it's QE or something else.
As world economies slowly recover, and banks build their currency reserves, and as the general feeling of pending economic disaster subsides, there is less tendency toward the banks wanting to hoard gold (which just sits there and does absolutely nothing material except make people feel warm and fuzzy).
As the demand for gold decreases, its price falls. This could go on for years. I wouldn't be surprised to see gold below $1,000 in a couple of years. The only sad thing about that is there might not be any gold shows on TV in a couple years. Oh well, they're starting to get a little boring anyway.
