The world's relatively calm and no one's expecting World War III anytime soon.

There have been a lot of problems: the Nikkei in Japan hit 12-year lows, there was fear the Russians would dump metals, and the Dow is off 20 percent in the last six weeks.

It's just a nail in gold's coffin.

The fundamental feature was the strength of the dollar versus the yen -- and statements that the Japanese won't be supporting the yen. And no one wanted to be long in gold over the weekend.

All the fundamentals would suggest that we are going to stay at these high prices. Inventories are low, the market is tight and China is a big buyer.

It seems like such a terrible shame that innocent civilians have to get hurt in wars, otherwise combat would be such a wonderfully healthy way to rid the human race of unneeded trash.