Some movement can likely be attributable to investors rotating out of stocks and allocating funds to metals. As of about 48 hours ago, the taxes aren't due on gains for about 15 months.
As for the crazy price moves, it's all a joke. Absolutely nobody started dumping tons of gold one hour then, the next, buying back twice as much. People are lining up overseas to pay $100+ premiums and the news outlets here in the US will tell anybody willing to listen that nobody wants anything to do with gold. Keep away!
BUYING: 2001 UD NFL Legends Autographs - Daunte Culpepper - $300. Steve Young - $350.
BUYING: 2004 Ultimate Collection Jsy/Autos/25 - David Carr, Tom Brady - Paying $550, in case you like money.