ROSENBERG: Here Are 9 Things Holding Back Gold

REUTERS/Heinz-Peter BaderGold granules are poured into a glowing melting pot at the Austrian Gold and Silver Separating Plant 'Oegussa' in Vienna, April 16, 2013.

"Gold is down 27% for the year and on track for its most dismal annual performance since 1981," noted Gluskin Sheff's David Rosenberg in his latest Breakfast With Dave note.

John Paulson and George Soros were among the big gold bulls that cut back on gold this year. Retail investors have pulled out aggressively as seen by the 1,850 metric ton drop in gold ETF holdings.

Despite the drop, Rosenberg isn't recommending buying.

"The reasons for gold's hurdles are multifold," he said. Here's his list (verbatim):

• Draghi pledging to save the euro area from breakup.
• China's ability to stabilize its growth and excite investors with its new ambitious plan.
• Abenomics breaking the back of Japan's economic slide.
• The U.S. government reaching, but not hitting the brink on the fiscal side last Fall.
• Continued low inflation readings globally.
• The Fed bracing the markets for the eventual tapering.
• The competition from other rival alternative currencies like Bitcoin.
• The selloff in long U.S. Treasuries which has re-established a positive real interest rate in the bond market.
• India's recession and government import curbs to cure the current account deficit have dampened gold demand in this key purchasing country.

You know things are bad when you're losing investors to Bitcoin.