The 1% of gold in existence did not magically all come onto the market on that one day... by accident. There were not a million bubby sell orders. There was a few hundred tonne of paper, short futures. Mixed with the fake news (QE may end... ha ha... this month they say there may be more!). Then the London spot market froze, so if you actually wanted to sell, you could not. All you could do was join the futures shorts.
Anyway, it is not true physical gold is being sold back by holders. If you are a holder (not a futures and not a leveraged ETF guy) you are not selling
