Business Insider : What do you think is behind the sell-off?
Jim Rogers :  The anomaly of the 12-year rise, for one thing.  India as we have discussed before. Indian politicians are blaming their problems on gold, so [they] have added special taxes, tariffs, controls, and regulations. Pakistan and Bangladesh even totally banned imports of gold at one time.
The politicians are now trying to figure out ways to force Indians to sell gold. There are staggering amounts of gold there. The politicians are now trying to hit the temples which have accumulated an unimaginable amount of gold over the centuries. I have no idea if they will succeed at either, but the effort is having an effect. If they are successful to any degree, it will have an even bigger effect. India has been the largest buyer of gold for decades. Cutting back the purchases has already had an effect. IF they can force the largest buyer to become a seller [much less a larger seller], who knows how low gold could go?  A lot of people leveraged themselves too which hurts on the downside. Etc., etc.
Jim Rogers started trading the stock market with $600 in 1968.In 1973 he formed the Quantum Fund with the legendary investor George Soros before retiring, a multi millionaire at the age of 37. Rogers and Soros helped steer the fund to a miraculous 4,200% return over the 10 year span of the fund while the S&P 500 returned just 47%.