APN Gold's Fickle LusterIn recent days, traders have been flocking to bullion after Switzerland removed the franc from its peg to the euro. That caused a surge in the franc, which is traditionally seen as a proxy for gold. What’s more, in just a few hours, the European Central Bank is expected to announce its quantitative easing program which may yet weaken the euro against other currencies, including gold. But while the metal may yet rally some more because of central bank moves, not everyone is optimistic about gold’s long-term prospects. “Central bank actions are causing a lot of volatility in the currency market, and gold is performing its traditional safe haven asset right now,” said Andrew Burkly, head of institutional portfolio strategy at Oppenheimer & Co. “But longer term, the only reason you really want to own gold is as an inflation hedge. And just about anywhere you look, inflation pressures are on the decline. There is really no sign of inflationary pressures out there. I think there are a lot of better opportunities [elsewhere].” Burkly’s view that gold’s upside is limited is matched by the technicals, according to the chart work of Richard Ross, head of technical analysis at Evercore ISI. More