Down 1% (even quickly) is now “tanking?”
Gold is going to 5000. Nothing has changed. It is amazing how many people panic every time there is a reaction. They are showing they understand nothing of what is happening in this economy.
Tank isn't the correct word here, “off a bit” might be more descriptive. All it probably means is that some country with bad credit (like ours) just sold a chunk of gold into the market in return for more fiat money.
Supply, demand, equilibrium.