The Telegraph newspaper in Britain reports that 43% of gold investors surveyed June on the status of their holdings over the last year indicated that they had increased their holdings. This is triple the number of investors who decreased their holdings. Only 1% of those surveyed cashed completely out of gold.
Interestingly, 7% said that they had taken advantage of the price drop to convert their silver holdings to gold, and 4% went the other way, converting their gold to silver. (two questions I would not have thought to ask!)