The selling action overnight was purposeful and determined.
To what purpose? 'Asset stripping' is one possibility, and not only from ETFs.
Let's see what happens to the global mining sector.
As I noted in a post last night, gold has now corrected back to the 'cup and handle' which was the point at which it broke out. I suspect we will find a footing here, but it is hard to tell since the trade is so disconnected from the physical market. I hear that in Vietnam overnight gold prices were running $230 over 'spot.'