I don't think so.

Gold has been a champion this time around.  It's moves down have been relatively contained.  GDX and GDXJ suggested a much bigger downside...a $1300 gold price was priced in a few days back.  But there is no sign we are going that low.

The Fed is throwing everything at the crisis as they are determined to squash the credit crunch that is starting up.  That suggests that this time around, their balance sheet could go up a few times of its existing size. 

All this means that the pressure for margin calls go down and gold goes into a much earlier bull run than expected.  Franco Nevada is at US$107, not that far down from its peak of $122. 

I think we soon challenge $122 and go higher.