As we mentioned within the past few days, the fall in gold and silver (paper) prices was tied primarily to a selloff by hedge funds, investment houses, and anyone who still had stocks due to the need for cash (primarily dollars). Coupled with a 20 and 21% margin rate increase by the Hong Kong and CME exchanges respectively, and it is a no-brainer we got a short-term crushing of the metals.
And accordingly, all it took was for Europe to do ANYTHING that smelled of bailouts, easing, or flat-out money printing, and that rumor just so happened to begin last night.
Subsequently, gold is not up $80 from yesterdays low, and silver a WHOPPING $6 more, crossing $33.00 an ounce at the start of US trading.
Charts courtest of Zerohedge