Gold is often viewed as an alternative to the dollar, as well as a classic "safe haven" investment in uncertain times.
Turk said in an interview he felt the gold market is primed for a big rally as soon as a lack of demand for dollars and the massive pile of US debt catches up with the greenback to send it even lower.
Since the dollar embarked on its long-running decline in early 2002, it has lost about 33 percent of its value against the euro, which has become a key benchmark.
"My expectation is that you're going to see gold at $500 (per ounce) before the end of the year - I think that's already baked into the cake.
The benchmark April gold futures contract in New York settled at $426.90 an ounce on Wednesday, down 40 cents. Futures reached a 16-1/2-year peak in early December at $460.50.
Gold prices have risen for four years in a row, averaging annual growth of 13.5 percent, Turk said. And, he predicted that values will increase another 20 percent this year.
"We're only a few years into the current cycle where money is coming out of overvalued financial assets, like the stock market, and coming into tangible assets like gold, which is very undervalued now," he said.
Turk, who wears the title of gold bug proudly, based on his belief that gold is money, said it was difficult to time exactly when the dollar will drop, causing gold to spike up.
But, he said that an extraneous event, possibly related to the energy market, currencies, or international trade, might be the catalyst for a massive dollar sell-off.
Meanwhile, Turk believes the exchange-traded fund called streetTRACKS Gold Trust, which launched in November on the New York Stock Exchange, was "bad" for the gold market, because he says it does not provide for independent auditing for all of the gold that the fund supposedly owns.
Although streetTRACKS launched to much fanfare and already has amassed more than $2 billion in assets, Turk contests the view that this represents fresh gold demand, saying the market price would not have fallen so much since then if that were the case.
"The consequence is there is anecdotal evidence to suggest that there is a lot of paper behind GLD and not necessarily a lot of physical metal," he said.
"One would conclude that people who would otherwise have bought bullion and kept the gold price above $450 are buying GLD instead and getting paper rather physical metal."
Looking at a recent proposal for sales or revaluation of gold held by the International Monetary Fund to finance Third World debt relief, Turk said the idea was unlikely to succeed due to what looked like broad opposition, especially from gold producing counties such as South Africa and the United States.