The anti-gold bandwagon is getting more and more crowded.

Analysts Tom Kendall and Ric Deverell of Credit Suisse is out with a bombshell report this morning titled: Gold: The Beginning Of The End Of An Era.

The article argues that the 2011 peak of $1921 was the top, and that now the run of the cult metal is coming to an end.

The argument essentially boils down to two arguments, which are related.

The first is that we're seeing rate normalization. When real interest rates are ultra-low, gold does well historically.

The second is that the era of crisis is over, and so the impulse to hedge against collapse (or massive volatility) is diminishing.

Kendall and Deverell establish the argument over a series of charts.

Big thanks to Credit Suisse for their permission to feature several charts from the report.