NED DAVIS: Gold Will Plunge To $660

John LaForge, commodities strategist at Ned Davis Research says gold is going to $660 an ounce.

In an appearance on CNBC on Thursday, LaForge said that the end of the current "supercycle" for gold could push the precious metal down to $660 an ounce, or about 40% lower than where it is currently trading.

LaForge said that in the 1980s, the price of gold fell about 65% from peak-to-trough as the precious metal enduring a 20-year bear market.

And after hitting $1900 an ounce in 2011, gold should see a similar peak-to-trough decline in current cycle.

"We know that commodities run in supercycles, and they eventually die. And gold looks like it's dying," LaForge said.

"So $660 is certainly in the cards."

LaForge did say, however, that the quantitative easing being undertaken by the Federal Reserve and other central banks could prop up gold and stop the current supercycle from deflating the way LaForge expects.

Gold was trading near $1214 an ounce on Thursday.

Here's a chart of the last 20 years of gold prices.

Here's the full video from CNBC below.