Unlike pessimistic view of some analysts like Gartman, Jim Rogers believes this gold correction is an excellent opportunity to buy in. He acknowledges the steep 11 year gold bull market brings a high chance of a big correction and likes to see prices correct for a healthy uptrend. Not discouraged by the fear on the street, he said he would get "extremely excited" if gold prices drop to $1,200 per ounce.

"I own gold and I'm not selling my gold … Somewhere down the line gold will have a correction. Gold will continue to do what gold does best. Just give it a chance.", said Rogers.

Dennis Gartman of Gartman Letter forecasts gold 11 year fiery run is over and a bear market is already in place. The pessimistic view comes as gold prices in mid-term analysis have lower highs and to confirm the downtrend prices need to go below the previous lows. This is in fact the definition of a downtrend and he predicts the trend will continue . "We have the beginnings of a real bear market, and the death of a bull.", says Gartman who correctly predicted the slump in commodities in 2008.

He sold all of his gold in expectation that gold prices would drop more than 20 percent, the common definition of a bear market.

Gold prices dipping below $1,700 an ounce due to market sell off can be a golden opportunity to buy gold coins and bullion, said Cramer in his Mad Money Show.

Solving the European economic crisis could mean “potentially crunching a minimum of $10 trillion in bank debt,” which would create a severe deflationary climate. “Almost everything will be worth less, and you can see the value of property declining immensely in Europe,” he said. “In that scenario, everybody’s saying, ‘No inflation? You’ve got to sell your gold... That’s why I think gold’s current direction will turn out to be wrong.”