All that a major gold price drop would require is someone like Portugal selling some of their gold reserves. Portugal currently has a national reserve of 382,5 tonnes of gold. That is worth roughly 12,5 billion dollars. Portugal is facing a debt crisis, so if they sold the gold, this much gold entering the market would probably cause a chain reaction where the gold drops in price a lot.
Ah yes, flooding the market with gold rendering it nearly worthless. If Portugal wanted to, they could. But I highly doubt they will.
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