I've heard the gold bugs say many times that gold "should" be at $2,300 because that would represent the inflation adjusted price from 1980. Which is nonsense - since the 1980 price was an obvious bubble. It woud be more sane to say gold should be at $800 because that would represent the inflation adjusted price from the years after the bubble popped.

I don't know how gold "should" be priced, but like anything else it's subject to supply and demand. It's clearly in a multi-year downtrend, which may not end until the price is well below the cost of production at many mines. It's expensive to shut down and later reopen a mine, so I could see that happen - that's what happened to oil about 15 years ago.