Apparently rumor the the US will announce some miracle rescue pkg that will mitigate some of the financial mess. When that hit the wires gold started to tank

Here's more to what I earlier had posted:

CNBC is reporting that U.S. Treasury Secretary Henry Paulson considering something similar to the Resolution Trust Corporation that was formed in the 1980s in the wake of the failure of saving and loan banks.

BNN's Michael Hainsworth said that the repository would essentially be a "black hole" for the U.S. banks' bad debt.

"The markets love this particularly because it means the banks will be allowed to get on with their day-to-day business and go back to lending money," Hainsworth told CTV News late Thursday afternoon.