“The metal will decline to an average of $1,175 an ounce in the third quarter next year, or 11 percent less than now, according to the median of estimates from the 10 most-accurate precious metals analysts tracked by Bloomberg over the past two years. Prices were last at that level in 2010.  The forecasts underscore how some investors lost faith in gold as a store of value, driving prices to their first annual loss in 13 years. More than $63 billion was erased from the value of gold-backed funds this year, spurring losses for billionaire hedge-fund manager John Paulson, and mining companies announced at least $26 billion of writedowns.”

http://www.bloomberg.com/news/2013-10-16/gold-slumping-to-four-year-low-for-best-forecasters-commodities.html

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