Caledonia Mining Corporation (CMCL)

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t's been a bruising week for gold prices, with the precious metal falling as low as $1,243 on Friday, for a 6 percent loss in a week's time — but John LaForge, the head of real asset strategy at Wells Fargo, thinks the worst is still ahead.

"Is the $60 drop in gold prices the beginning of a deeper dive? Our answer is yes, it may very well be," LaForge wrote in a Friday report. "The history of gold, and commodity super-cycles, says that gold may very well lose another $200/oz., testing the $1,050 level, before it is time to buy again."

LaForge explains that gold is "currently buried knee-deep inside a commodity bear super-cycle, which began in 2011."