This does however give some lumpy buyers (central banks) the opportunity to buy gold at distressed prices. It would seem that this is not the time to sell gold but to start accumulating again on setbacks which there will be as overleveraged traders are squeezed out. As one blogger put it, "at last someone has done something for the first time gold buyer"...

Massive currency debasement by all the major central banks means that there is still a very strong case to hold gold.

David Fuller's view This is a very sensible comment from an experienced analyst.