While gold collapsed to a 34-month low Friday, Barry Ritholtz, CEO of Fusion IQ, sees a temporary rebound followed by a resounding crash.

"You've had a 10-year uptrend in gold from 2001 to 2011," he told Yahoo. "That trend is clearly broken. ... Gold is now in a bear market."

It plummeted 23 percent in the second quarter, with the August Comex contract hitting its almost-three-year low of $1,179.40 an ounce June 28. The contract closed at $1,243.40 Tuesday.

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After such a violent move, "typically you see a bounce," Ritholtz said. He wouldn't be surprised with a gain to $1,400 or $1,440. "But I don't know if it's sustainable after that," he said.

The reasoning of gold bugs is simply false, Ritholtz explained. The bugs say "that the Fed is printing money, the dollar is going to hell, fiat currency is awful, hyperinflation is coming — $10,000 gold," he noted.

"None of that is true, other than the Fed printing — QE2, QE3, QE4 — and the dollar is at multi-year highs. ... But that's not a good thing for gold."

So where's gold ultimately headed? "$600 to $800 is certainly a possibility," he predicted

Others aren't sure how quick a rebound will come. "The dollar index is strengthening quite a bit, equities are strengthening, and you're seeing interest rates go up," Phillip Streible, senior commodities broker at R.J. O'Brien, told Reuters.

"That seems to be the perfect storm against the metal at the moment."

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