The main reason for the sudden crash is Cyprus. There are several thousand tons of Gold suddenly being sold for whatever price. It is all stolen goods by the Russians. They carted away the entire gold from the island and now it is up for sale in virtually every street corner where gold is peddled.
Watch for massive downturn in every commodity and even the stock market. When people are scared they will do irrational things. A sell off is in the works. Gold will tank hard and fall below $500 per ounce before the end of this year...