There are limits to how far POG can fall. The price now is well below what many consider the marginal (all-in) cost of production at around 1,200 per ounce. However, as POG has fallen, so too has the cost of energy, which is a big part of that cost.

Still, miners will continue cost cutting and/or shuttering facilities, reducing supply.

Meanwhile, bullion demand is soaring. The more it goes down, the more buying is seen from Russia, China, South Korea, etc. ...Russia, by the way, seems price insensitive, which is scary in itself.

So, what are the natural consequences of increasing demand and falling supply? Higher prices of course, but that follows the kind of emotion that is taking down this market at present.

Besides, who can think that China will watch both it's investments in dollars and gold deteriorate without somehow taking advantage of the trends. They've stopped buying dollars (and can't really sell them), but they continue buying gold.

In my opinion, then, calls for the price to fall a lot further from here are irrational, biased, or just plane ignorant. It will turn up, and probably sooner than later, though the very short term is unclear.