Doug Casey: I'm not concerned about gold being down because markets fluctuate. And considering that gold's been in a bull market for a dozen years, I'm very unconcerned about the fact that it's come off. All the fundamentals that underlie the bull market are still in place.

As far as gold stocks are concerned, they've always been a highly leveraged play on gold so when gold catches cold the gold stocks have always caught pneumonia, and that's the case now. Of course, that's amplified by the fact that costs in the mining sector have skyrocketed and it costs on the average $1,000 to $1,200 to get an ounce of gold out of the ground at this point.