PM's make big moves up and down due to leverage. ETFs can control vast amounts of PM's with just 5% cash down. When it goes down, ETFs are FORCED to sell to cover their HUGE margins. But don't panic. Gold is being caught in a perfect storm of low inflation, Cyprus selling their gold and a slow down in China. This move will flush out the leverage and weak hands. We may be a year away from a turn around though. JMHO