This is much more about a developing deflationary issue than the headline b/s you are reading. JPM? The $2b screw ups by really smart, talented people (and stuff) are window dressing in that mega financial institution's and the over leveraged system's bigger picture. Greece is baked in as is the nightmare that is the euro.
Remember the 'Knee Jerks' as I used to call them last summer? They panicked into gold and momo'd it higher and higher as if that would put a stop to their emotional bleeding. Gold subsequently has shown them what real pain is all about when you try to buy value the quick way when in reality, you are actually a casino patron believing the tried and true bromides of financial convention until the moment you panic.
I don't know where gold will bottom out, but I do know that just as the bull 'Knee Jerks' were unhealthy for the relic in August, the bear 'Knee Jerks' selling the Greek jitters and a likely oncoming deflationary blip are a healthy thing.
Other than that, I have no real opinion on the matter.