With the gold bugs recently getting a definitive flow of flight to quality anxiety from the July 9th low to the July 15th high it was not surprising to see the market come under pressure in the wake of a sharp downside extension in energy prices. In fact, a number of markets saw the sharp downside extension in oil prices as a factor that could alleviate the drag on the US economy and that in turn could actually serve to temper some of the financial sector concerns in the marketplace. With a number of physical commodity markets under what seemed to be a liquidation wave it wasn't surprising to see the gold market fall back to the lowest level since July 10th. Even with the Fed's Plosser suggesting that uncertainty on the US economy has increased over the last 2-3 weeks, the gold market wasn't interested in bidding up prices off the anxiety angle and that highlights the dominating status of the oil market.