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I don't buy gold myself anymore, I just see it as an interesting phenomenon.
When the price of oil bobbles it's usually fairly easy to tell what the market information that triggered everyone to sell and copy sell actually was - oil is fairly well understood as commodities go.
Gold is completely irrational, technically, it makes little sense as an investment in any sense that professional investors think of investments.
So if you are saying the drop in price is simple irrationality and copying, sure, could be to some extent. Something started the copyselling, the unconscious herd behavior, but it might not have been margin calls and the need to take profits to cover losses and retain liquidity. I think it was, tho.
Maybe some artifact triggered automated selling, and the computers doing the quicktrading cascaded in a race to the bottom. We'll see.
In a couple of days dozens of commentators will publish opinions, we should know more then.
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