The end of the gold era was the title of a special Société Générale report last week.

Despite a poor 2013, the price is in bubble territory, it said, following a decade of big gains.

Those gains have been driven by quantitative easing-induced inflation fears.

However, inflation has remained low, and the US is now seeing economic conditions that would justify an end to quantitative easing.

Fiscal stabilisation and a rising US dollar, allied to “hugely bearish” sentiment, mean gold may have had its “last hurrah”.

Soc Gen predicts a $1,375 gold price by year end, compared to $1,550 today and 2011’s $1,920 peak.