Why gold prices could fall to $600 an ounce

I came across this interesting article on BUSINESS TIMES, written by CHRIS WEBER. Since Gold is still the hottest thing to have been discovered in Tanzania in recent years, I figured it would be a nice article to share with you all.
According to NYMEX, Gold is currently trading at low as USD 783.4 per troy ounce. And future prices do not show much promise of going up. Could the author be right then in predicting that prices could fal to USD600 per T.O.?

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THE price of gold rose during the 1970s. In fact, it soared from US$35 in January 1970 to a high of $850 in January 1980, that was a rise of 2,329 per cent! But, for most other investment classes like stocks and bonds, the decade of the 1970s was dismal. But what is often overlooked – except by those who actually lived through that era and were holders of gold – is that there was a long period in the middle of the decade when gold either went nowhere or lost up to 50 per cent of its value. No price goes up – or down – forever. And even the mightiest bull market makes time to correct. It has often been observed that a price can retrace its prior great move by 50 per cent. More...