If 2011 proves to be the lasting peak for Gold prices, then it might be helpful to compare its decline over the last 18 months to its decline the last time it hit a multi-decade high in 1980. Below is a a chart comparing the rise and fall of gold in the decade approaching the peak for 1980 and 2011 and the decade after for 1980. The peak price is indexed to 100 to simplify comparison.
Gold declined ~60% in 1980 before settling into a longer term trading range. That would imply a bottom somewhere in the 1100’s relative to the 2011 peak. However, the 1970’s run appears to have followed a slightly steeper course than the run of the 2000’s. Gold didn’t have a sustained rise again for another two decades.