This statement has it backwards. The deleveraging is causing banks to panic over reserve ratios, which in turn is negatively impacting the availability of credit.
Deleveraging is causing hedge funds, etc., to sell their holdings to meet redemptions and obligations, which is causing commodities such as gold to fall in price, even though demand for physical gold is apparently still quite high.
doesn’t the lack of credit mean that it’s hard to continue going long on stocks, commodities, etc? I guess the answer is that it is also hard to short so it ends up in a wash