in my opinion the dubai problem is tiny compared to the specter of last year's selloff. but it gave us a correction that lasted one day. it looks like the metals market is climbing a wall of worry, and this is typical of bull markets. this analysis comes from warren bevan:

The calm Thanksgiving time never came this past week as markets crashed worldwide on fear the Dubai debt crisis will be the spark that lights the next round of the bear market. Whether that be true, it’s still too early to tell.

Nothing was spared as investors sold first and asked questions later. Even gold was hit on Friday’s New York open as evidenced by the chart below. But it was short-lived as buyers eagerly emerged from the shadows.

The way gold came back so strongly after being smashed so quickly is astonishing. In days gone by a move lower like that would have seen a lengthy painful correction, raising concerns with gold investors, in turn shaking out the weak hands. This time most people didn’t even notice the fall as buyer emerged from the dark shadows to buy cheap gold.

The support under the gold price lately has me becoming more confident that we won’t see a major correction again. Buyers don’t seem to need much of a fall to get excited enough to enter the market. Let’s see how this develops over time, but so far it appears that we are never going to see $1,000 gold again. Time will tell.

http://news.goldseek.com/GoldSeek/1259564400.php