NOTE: Earlier, we had written that Ric Deverall's commentary is from a research note to clients. Deverall actually made these statements live to reporters in London.

Bearish sentiment toward gold has prices for the yellow metal tumbling again.

On Wednesday, George Soros revealed through a regulatory filing that he cut his gold exposure during the first quarter.

Speaking to reporters in London, Credit Suisse's Ric Deverall forecasted that gold would plunge to $1,100 this year and eventually to $1,000 within five years. This according to Bloomberg's Maria Kolesnikova.

More from Kolesnikova:

“Gold is going to get crushed,” Deverell told reporters in London today. “The need to buy gold for wealth preservation fell down and the probability of inflation on a one- to three-year horizon is significantly diminished.”

...

“When gold is going up, it looks like a great idea to buy more gold,” Deverell said. “And when it’s going down, do you really think risk-averse central bankers are going to try and catch the knife? No.”

Deverell was responding to the latest stats on central bank gold reserves. According to a new report from the World Gold Council, these banks bought around 109 tonnes of gold in the first quarter, marking the seventh straight quarter of net purchases.