It happen in a few days of trading. It usually over correct itself and go back up quicker than it fall. It went up to fast and is falling to fast. After all we are seeing an worldwide correction now, none of the industrialize countries are in a depressing now and will not likely be soon.
Unless, I don't appreciate the US subprime mortgage problem.
Anyway, if the US end up in a recession, than gold should hit record, not drop.