Well....today is my birthday. Nice birthday gift from the markets today as gold plummeted $86. Haven't seen that kind of drop for some time.
This comes only a few days after Goldman Sachs recommended to their "clients" that they should sell their gold. Everyone who has been through this once before, any even many who do not, know whats going on. Goldman says sell, then they buy the gold that their clients are selling.
These prices wont be happening for very long unless two things occur. One, humans stop valuing gold, or two, the all in costs of miners fall dramatically.
Although there are a few large high grade deposits around where costs would could be around 500-800/oz all in, this would be very rare. In this case, for gold to continue to go down, the demand of gold would have to be less than the amount of gold which could be mined from deposits which require very low all in costs.
Anyways....gives a good buying opportunity for a lot of the gold majors.