Well it got really smashed with billion of paper worth of value sold.
The target was to breach 1,080 (a multi year support channel) which open the wave to the ultimate target $900 -$1,000.
Why?
The Chinese sold a lot of gold (possibly as the Chinese got a lot of margin calls in the stock market and the new rules forbid to sell shares).
Whatever the reason (conspiracy theory included), it is better to keep gold as an edge in your portfolio.
The last two times the media screamed “the end of gold” it was around 1975 (over +1000% in the next 5 years) and 1999 (+650% in the next 12 years).
The Reserve banks are still hoarding gold – so nothing is changed in reality.
investorpolitico 