Yes, so says Got Gold Report(GGR) on 6-14-13 in which they featured the XAI Index's monthly chart.

(XAU monthly)

The Philly Gold and Silver Index (XAU) has strongly oversold gold. As of May we argue the XAU had discounted the gold price back to 2003 levels, or an equivalent gold price between $400 and $500 the ounce. Gold is currently trading more than $900 higher than that, of course.