I have to suspect there are an awful lot of people right now looking for that perfect moment to buy gold before it starts going up again.
If not then people are screwed.
Losing 20-30-50% of your money in gold (or anything else) sucks. But it doesn’t suck as much as it might have 45 days or so ago wrt Cyprus, when compared to having 20-30-50% of your money confiscated by the government. Now that the John Corzine model of sovereign banking has been perfected.