Is gold nearing the end of its record-setting tear above $1,100?

Minutes after gold settled at an all-time Comex high, Robert Prechter, who correctly predicted the 1987 stock market crash, told FOX Business he believes gold is “nearing a peak.”

In an interview Friday afternoon, Prechter pointed to a number of key indicators, including silver’s inability to confirm gold’s highs, a bottoming U.S. dollar and “overvalued” U.S. stocks.

“Gold has been having a real tear. I think the price has gotten away from it a little it,” said Prechter, who is founder and CEO of Elliott Wave International.

Gold jumped $21 an ounce on Friday to settle at $1116.10. The precious metal, which is often looked at as an inflation hedge, has soared 38.4% since tumbling to a 2009 low of $806.70 in mid-January. The new highs for gold helped push shares of gold-related stocks such as Anglogold Ashanti (AU), Barrick Gold (ABX) and IAMGOLD (IAG) solidly higher. 

But Prechter said things have gotten out of hand.

“So many programs are talking about gold. People who normally talk about politics are writing articles about gold,” he said.

Even though no one was interested in gold in 2001, “now that it’s up four times in value everyone is falling all over themselves to buy it," Prechter said.

Waving off inflation fears that have helped send gold soaring, he likened the run-up in gold prices to the bubble in crude oil that collapsed, along with the economy, after the summer of 2008.

“People were talking about running out of oil and now they’re talking about running out of gold. Every major top has a story behind it,” said Prechter. “When stocks were bottoming it was the end of the world and we were having the greatest depression ever. Now that we are in recovery, people are comfortable buying the S&P at 1100 but they didn’t want it at 667.”

So what does Prechter like? Everyone’s favorite whipping boy: the U.S. dollar.

“We try to buy markets that are depressed and (in which) nobody is interested,” said Prechter. “The only market where everyone is still bearish is the U.S. dollar so we are looking for a turnaround in that area.”

After tumbling for most of October, the dollar may have stabilized this week. It closed flat in two of the last three days and jumped 0.94% against the euro on Thursday -- its largest daily percent gain in more than three months.