What happenend to GOLD today?

[LS04]

Second worse gap down in the history of the market. What do you make of this move?

[Johnny L.A.]

It's got to crash sometime.

[Jack Batty]

Glen Beck's sphincter just puckered, that's what I make of it.

[Johnny L.A.]

It seems the drop was caused by fears of deflation (http://www.goldalert.com/stories/Gold-Price-Plummets-37-Drops-Below-1200).

[runner pat]

Just remember, every cloud has a silver lining. :D

[samclem]

Second worse gap down in the history of the market. What do you make of this move?If you mean the actual dollar amount of the price drop was the second largest this year, then yes.

Nowhere close to a historical drop.

21 January 1980. London gold was $850 US/ounce.
22 January 1980. London gold closed at $737 US.

Deflation ain't pretty. Get used to seeing it.

[LS04]

HI Samclem
According to what I heard on BLOOMBERG today this was the second biggest change between the open and close

[DrDeth]

Gold is sitting on a HUGE bubble right now. While I would not nessesarily run off and sell my Krugerrands,:p I certainly wouldn't buy any Gold in todays market.

[Frank]

HI Samclem
According to what I heard on BLOOMBERG today this was the second biggest change between the open and close
Yes, this year. From the Wall Street Journal:
The most-actively traded gold contract, for August delivery, fell $39.20, or 3.1%, to settle at $1,206.70 an ounce on the Comex division of the New York Mercantile Exchange. That was its lowest close since May 25 and marked its biggest dollar loss since Feb. 4, when the contract fell $49.20.

As sam says, nothing historical about it, just a market gyration. Or omen, whatever.