Holy Cow! Look at Gold!

The biggest gold drop since 2008 has sent prices plunging over 70 dollars.  Gold is now 140 dollars from its highs of a few days ago.  It is a testament to Gold's parabolic rise that prices are still at week ago levels.  I'm not sure what news has caused this but it could be people are finally realizing the impact of Shanghai hiking margin requirements 26%.  Other speculation includes hedge funds selling their winners to cover some bad losses this month.  Either way, this looks to be the buying opportunity that many have been waiting for, although the swiftness of the drop argues for caution at this point.  The chart looks like silver a few months back when it went parabolic and silver is still consolidating at much lower levels at this time.