Legendary US investor Jim Rogers recently told Business Insider gold has further to fall and a 50% retracement from the all-time high of $1,909 an ounce intra-day in August 2011, is likely, although he is not sure when gold will hit a bottom:
I'm not selling my gold. I'm skeptical, even though I expect gold may go down even more to $1,000 to $900. A 50% correction would be $960 or whatever it is. Now 50% corrections are quite normal in markets. What's not normal is for something to go up 12 years in a row.
So, it would be normal if gold did correct 50%. That might go some way towards shaking some of the faithful, some of the mystics. We got to shake out more people. I don't see any signs that the faithful, they've been worried about what's going on, but I don't see any signs yet that the faithful are giving up and selling their gold. Not just verbal despair, not just people talking about despair, but people acting. Then gold prices will make a nice, firm bottom.
Jim Rogers started trading the stock market with $600 in 1968.In 1973 he formed the Quantum Fund with the legendary investor George Soros before retiring, a multi millionaire at the age of 37. Rogers and Soros helped steer the fund to a miraculous 4,200% return over the 10 year span of the fund while the S&P 500 returned just 47%.