I too wonder about that.
The IM Global disaster is not being fully reported in the press, but the effects must be wideranging.
It is also possible that a lot of gold bullion is hitting the market because of the events in Libya - Gaddafi held large reserves, which are most probably now being sold to reward NATO.
Gold is like every other futures exchange traded commodity. Given that speculators can control $20 of gold for every $1 of capital in their possession, any hint of a significant decline will cause a rush* for the exits. Nobody wants to risk turning a $100K nest egg into a $500K debt, something that a mere 30% decline in gold can do to a fully-leveraged futures speculator.
* Obviously, this goes both ways - the shorts get killed on the way up and the longs get killed on the way down.