[Wyatt's Torch]

Seems like fiat would be better than gold in a deflationary environment?

You are right. However, the Fed has been attemping to reflate (my opinion) as you can see by this chart on the Adjusted Monetary Base.

The Fed numbers were the first place I looked when I saw gold falling but I couldn't find what I was looking for. That big a drop must have been something else besides the Fed draining liquidity.

[Tauzero]

"the Fed has been attemping to reflate "

Attempting is the right word. The Fed's liquidity index (M3 + commercial paper) has been flat to negative.