The crash just seen was a liquidity crisis, the repo market was...

The crash just seen was a liquidity crisis, the repo market was cooked. People had to unwind positions and or cover large losses that creates a situation where you have sell-off of all assets even good ones. Fed banks have stepped in and backstopped the liquidity issue, there is still no confirmation that that issue has been resolved in the private sector so if another sell-off occurs everything can go down including gold. There is a risk, add to that goldies are close to or at the highs pre-sell-off that means people that brought at the high prior to the sell of and have been majorly in the red will be lighting up. The bullish case for gold is that it will act well in both an inflationary environment eg all the money printing or (after the initial sell-off) in a continued bear market as it has traditionally been a safe haven. That been said this market is making the GFC look like child play