Gold has dropped every time there's is failure by the EU(well Germany) to support Eurobonds or any other form of joint liability sharing. The Germans, rightly so, don't want a monetary union without a fiscal union, which is the right to have a say how the lent money can be spent. If there's no agreement reached at these summits(there have been many) then there's a flight to the US dollar and gold drops. There was a time when the results released by PDG would generate a lot of excitement and it's anyone's guess if those days will return.