The bottom is still a way off, but when Gold hits $950 per troy oz we will just about be there.

There are a lot of folks throwing around a lot of opinions on why Gold crashed today, but all I can see is that the bubble popped.

I was talking to a guy tonight that has a 'I buy Gold' shop and asked him what he thought and he said he might just take a few days off and let things settle down. He was a Pawn Broker in the 80's and he saw some Cell Phones he loaned $500 on be worth $100 by the time they came off Pawn. He is not planning to buy any Gold in the morning just to see it worth $87 an oz less in the afternoon like he did today.

By the way, $950 an oz is equal, more or less, to ten barrels of oil. This was once the standard of value of gold.