Extreme strain in the global economy has given way to something less hair-raising.
So does the last investor in "safe-haven" gold, switch out the lights?
After a storming start to 2012, bullion prices have lost some of their lustre in recent weeks in line with a reassesment of global economic health.
Jumbo-sized liquidity taps are off in Europe, while the jury is out on a further round of US quantitative easing.
US data shows a slightly improved trajectory, with employment numbers and consumer credit growth highlighted in a key year for President Barack Obama. Treasury yields reflected that, breaking out of the doldrums and raising potential for tigher policy down the road.
Given that backdrop it is no surprise that gold has retraced since touching a record $1,920.30 an ounce in September 2011.
"Gold is now facing all of these risk reduction measures, so I'd expect the market to be temporarily subdued," said Ashok Shah, Investment Director at London and Capital Fund.
Image: Dancer Seda Arigul wears a dress made of gold, designed by Tekin Seyrekoglu, as she poses for the media during a promotional event at the International Istanbul Jewellery Fair.