What a mess. 
Sheer panic has set in...... Instead of everyone flocking to gold in this financial market crisis, everyone is running from it, thanks to The Gold Cartel. 
We are in the midst of a full scale liquidity crisis, which is growing by leaps and bounds. Since the essence of the problem has to do with the most illiquid of assets, real estate, the building nightmare has a LONG way to go.
Investors are selling whatever they can to raise cash. Margin calls are staring hedge fund managers and general investors in the face and scores are taking action by throwing what they can out of portfolios.
Last night I was out to dinner with a very savvy money manager. He had lightened up his gold share position, shifting the proceeds into bullion. With the close of the HUI yesterday taking out key support, he was fearful that the index would tank down to right above 280. I’m not sure he thought it would go there TODAY. This morning the HUI fell to 284.85, as babies everywhere were thrown out with the bathwater. 
The gold open interest ROSE 4736 contracts yesterday to 352,707. But I thought it was a liquidation panic? Today for sure, but AGAIN, this is just what the crooks wanted. Since gold is not allowed to go up, people are dumping for cash and peace of mind.
Well, what do you know, Dennis Gartman this morning…
As for gold, given the dollar's strength and given the stock market weakness globally, and given the recent correlation between gold and these two other markets, one might have thought that gold would be down quite materially. In dollar terms, it is down marginally; in euro terms it is up materially ... and that, we think, tells a large and engaging story.
Gold has rather obviously had difficulty trading upward through $670 and through E500. We do not know for certain, but we would have no difficulty believing that central bank selling has helped to keep spot gold below these two important resistance levels.
Given the gold sales that are still permissible under the Washington Agreement, and given the lack of such sales in recent weeks, the central banks have more than adequate "ammunition" upon which to draw to keep gold from breaking to the upside. We suspect they shall use that ammunition if needed, not to nefariously keep gold from rising, but to keep it from rising in order to keep gold from sending a signal of panic to the world's investors in equities and debt.
If the Fed, the European Central Bank, the Bank of Japan, the Bank of China, et al. are prepared to push liquidity into the system, it is reasonable to expect them to sell gold in small or even large sums in order to keep gold from rising, for should gold push upward through these resistance levels at a time when stocks are falling, the public at large will properly take that as an ominous sign. Certainly we would!
Dennis, Dennis. Give me a break. Is this your way of trying to become the Semantics King? Not nefarious??? You deceive yourself. It is as nefarious as it gets. The price suppression scheme contributed greatly to the current financial market mess because it thwarted the free market process and took away the most widely watched crisis barometer from the investing public … that being a free price of gold. Well, at least you are almost there after getting on GATA’s case for 8 years.
Nefarious? Yes indeed. Sabre…
free markets! Gotta love free markets! Lease rates go to a 3 year high and then fall once the damage is done. 
***
Those who still think the dollar is the key to the price of gold have it ALL wrong.
Today is a perfect example how secondary it is, at least for the time being. The dollar FELL .05 to 81.71, yet gold gets hit for more than $20. A more appropriate headline would be … Gold Gets Buried Due To Fall In The Dollar.
The main reason for the fall in the dollar was the strength in the yen which finished the day up 3.32 to 112.98. The yen carry trade is falling apart and is adding to the dumping of all kinds of assets. The euro only fell .25 to 134.05.
Crude oil was hit, falling $2.33 per barrel to $71.
The action lately in silver has been horrible and it showed those colors today. Don’t know what to say on that one for now. 
The yield on the 10 yr T note plummeted to 4.61% and that was off its lows of the day.