One thing that gives me confidence that gold will come back is that oil has also come down so much. The supply/demand fundamentals are easier to see in the energy sector (at least for me), and with oil depletion rates at 9% and the price below cost of production for the most part, it confirms to my eyes that the current situation is untenable and due to short-term deleveraging shenanigans.

Now if oil was at $200 and gold at $650, then I'd be more concerned.