Capital Economics say that the gold price could fall as low as $850 per ounce in a worst-case scenario. Their base case is that prices should find good support only a little below current levels (our end-Q3 forecast is $1,050) and will actually end the year higher (at $1,200). The chart below may be of interest when thinking about this. It comes from Macrotrends (VIEW LINK) and shows historical data for real (inflation-adjusted) gold prices back to 1915. The series is deflated using the headline Consumer Price Index (CPI) with the most recent month as the base.