That's not news but, according to an analyst at Roubini Global Economics, gold will drop another 23%. Roubini analyst Gary Clark sees it falling all the way down to $1,000 per ounce at the end of next year.
The last time gold saw that seemingly impossible price was eons ago: October 2009. Go back twelve and a half years ago, and you'll see prices near $255 per ounce. Gold has lost $386 in 2013 alone.
(Read: What gold bears are hoping for)
There are many who think gold was cheap when it hit $1,924 per ounce in 2011. In September 2012, Bank of America's MacNeil Curry predicted a long-term price of $5,000. Meanwhile, while his coworker Sabine Schels had a less-optimistic target of $2,400by the end of 2014.
Both look modest compared to QB Asset Management's Paul Brodsky's valuation of gold at $10,000 in 2011. Brodsky got that figure by dividing the US monetary base of $2.68 trillion by the 261.5 million ounces of gold believed to be held by the Treasury. Since that time, the Federal Reserve Bank has continued its bond-buying program – most recently at $85 billion per month – to add more liquidity into the financial system.
So, why does Roubini's Clark think gold has nowhere to really go but down?
In his interview with Talking Numbers, Clark lists three reasons why he believes the yellow metal will fall to $1,000 per ounce by the start of 2015. And, surprisingly, each one of those reasons is based on the most common justifications given by gold bulls.
To hear Clark's startling argument on why gold is a short, watch the video above.