"If you think 2008 we're nowhere near "ugly" yet."
2008 saw gold correct in the vicinity of 33% from the peak, equivalent drop today from the 2011 peak would be around $1285, but the length of this correction is far larger than 2008 so this has pushed sentiment and other indicators down to the bearish lows we saw in 2008 even though the drop in % terms is lower.
If you look at price/% movement only then you are limiting yourself a lot. Look at sentiment, it's lower now than in 2008. Many chart indicators similarly oversold as in 2008. Gold stock ratios vs Gold are in some cases worse than 2008 as of last night, check the GOLD:XAU ratio... things are ugly, but if you want to cross your arms, put your head in the sand and ignore what's going on around you then so be it.
Gold could head lower from here, but with sentiment already in the gutter and the last of the bulls throwing in the towel I am a buyer (with what little capital I have after buying the lows in May/June 2012). If I miss the bottom by $50 or $75 then so be it. Won't matter too much in the long run when Gold is trading over $2000.
