The gold thesis is falling apart. Inflation hasn't hit the U.S. hard, the dollar is holding its value well, and the economy is in the midst of a steady recovery, which blows away most of the reasons people buy gold. SPDR Gold Shares (NYSEMKT:GLD) dropped 26% last year while the Dow Jones Industrial Average gained 26%.

What's worse is that bullish drivers are evaporating. The federal budget deficit is dropping, the Fed is slowing its money printing, and the economy is doing well, which is all bad for gold.

While gold itself has had a tough run, miners are doing even worse. Goldcorp (NYSE:GG) and Barrick Gold Corporation (NYSE:GOLD) nearly doubled the losses of gold. Gold producers are leveraged to the price of gold, so if it falls low enough, they could be out of business in a heartbeat.

Erin Miller sat down with contributor Travis Hoium to see what the future holds for gold.