GC, gold's run this winter has mainly been about Europe... as has the flight to US treasuries with yields at all-time historic lows.
US money market funds have been pulling USD out of European banks, particularly French banks, which have 1+ trillion dollars invested.
Last nights drop in gold was due to this announcement, IMO, about major central banks providing USD liquidity to commercial banks in the face of this bank run from Europe to USA:
http://www.marketwatch.com/story/top-central-banks-to-provide-dollar-liquidity-2011-09-15
I would guess European banks have also been selling gold in their scramble for USD.
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