It already has corrected itself by around 500$. Gold hasnt changed in value over time, it has stayed static while the dollar has lost buying power due to a vast increase in supply and perhaps even greater in scope, loss in the beleif of the US government's ability to pay its debt. The latter is the only thing a dollar is.
Gold climbing to its 2012 highs trading around 1950 was a bubble, yes, and has been corrected when those looking to make quick money realized the market was inflating faster than gold and the money moved.
To answer your question, Gold will always rise in the long run when compared to the dollar. Not because it appretiates, but because it stays the same while our unpegged currency loses purchasing power over time.
Silver is different because silver is a consumable metal. But Gold is not. Gold is gold. Just yellow fucking metal that has very little use outside of orniment.