Gold Drops as Sellers Outnumber Buyers

Gold has quickly dropped over fifty dollars just a few days after hitting the one thousand dollar mark.  Investors looked to sell the yellow metal after a nice run up since the fall, where gold has defied all of the other markets that have been in torment.  One wonders if this selling of goldis just a temporary correction or a response to the recent phenomenon of people rushing out to sell their old scrap gold jewellery to the local "cash in your gold" dealers and also as a response to the significant drop in jewellery sales in gold bug countries like the UAE and India because of the high market prices.  There are certainly no shortage of speculators talking about gold reaching $2000 an ounce, but are we too early for that just yet.  Will the Obama speech turn the economy around enough to comfort people and reduce the need for a safe haven like gold.  Certainly time will soon tell if investors are selling gold because it has once again reached a peak from which it needs to trend sideways or down for a while before the speculated next leg up in the market price.