In my opinion markets tanked due to dillution of US dollar. Dillution caused by the extended debt that was approved by congress a few days ago. As a consequence just about everything which is priced in US$s is worth less. ( Similar event with the Euro.) Exception is real money, such as gold, which when priced in those less worth dollars appears more expensive. So it is not that gold is rising in price but paper money is worth less and gold price reflects that.

Many stocks are being cashed right now to buy gold and the like. Once gold gets near max. that cash will return for another rise by way of precious metal stocks and other commodities which will start to be priced in the new reality of value based on those high metal prices.