After failing to benefit from initial weakness in equity prices, concerning earnings from Merrill Lynch and higher oil prices, it would seem like the gold market has temporarily lost its flight to quality interest. Perhaps the slightly better than expected Citigroup earnings tamped down the flight to quality anxiety and it is also possible that seeing the US admit to a policy shift toward Iran served to pull down geopolitical anxiety and that certainly undermined the bull case in gold. In the end, seeing the financial markets draw comfort from the fact that Citigroup only lost $2.5 billion in the quarter would seem to leave some measure of flight to quality concern in the marketplace.