The PM selling or buying always seems to go to extremes when it heads one way or the other. IMO most of this selling has been due to margin calls and profit taking because PM's are the area that so many investors/traders have made big profits and they're taking them while the takings good. I'm somewhat surprised still that gold hasn't been perceived more as a safe-haven play in a flight to safety scenerio, but to this point it hasn't.
When the PM selling finally calms down and some of these European issues get resolved, most likely by more fiat money printing, we'll probably see a consolidation period for gold and then start moving higher again. We'll most likely see QE3 come into the picture to kick-start the move back up, because it looks like the U.S. is heading back into recession itself.
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