Things to consider:

1.  Funding needs this thursday of US treasury debt.  131 billion (I think this is the correct figure)
2.  Negative gold leasing rates
3.  MF Global rehypothication awareness
4.  Open interest read this http://harveyorgan.blogspot.com/
5.  HSBC lawsuit challenging someone's ownership who has taken delivery of physical gold & silver  http://www.zerohedge.com/news/gold-rehypotecation-unwind-begins-hsbc-sues-mf-global-over-disputed-ownership-physical-gold
6. Fed decides against (somewhat pressured by lawmakers) another round of PUBLIC QE

So all at the same time you have:

1. investors realizing that CME margin money is subject to loss   result: selling positions.
2. investors realizing that physical gold and silver held in a CME Vault is subject to confiscation  result:possibly looking for physical PM outside CME or immediately on the front month
3. Fed needs to sell massive amount of treasuries this thursday
4. Central banks will lend gold to big banks AND PAY THEM TO TAKE IT. due to negative lease rates. (this is because they are pushing it out of the vault to help themselves.
5. Banks get paid to lease nations gold, sell it in the open market (putting pressure on it) and buy bonds also getting interest on the bonds. (QE 4 anyone?)
That what I've got... so far

I am waiting for $25 silver to make my next purchase.  I am very comfortable making a physical gold purchase at these levels for the long term.


Edit to add one more thing:  following MF global, the global banks have been facing a liquidity problem, but the reason they have been facing this problem is because thier source of liquidity had increasingly been from hypothicating assets which didn't belong to them. (our assets) Take away those assets and you not only have a liquidity problem but you have a collateral problem.

I think the gold leasing is like the rehypothication of central bank gold to give profits to banks, funding to the govt. bonds, the finger to goldbugs and disguise QE4 all at the same time.