SPDR Gold (NYSE:GLD), Market Vectors Junior Gold (NYSE:GDXJ), Market Vectors Gold Miners (NYSE:GDX) Down after Friday's Gold Slaughter

China is emerging as the greatest economic influence in the global markets, as evidenced on Friday when just speculation they may raise interest rates drove Market Vectors Junior Gold Miners ETF (NYSE:GDXJ), SPDR Gold Shares (NYSE:GLD) and Market Vectors Gold Miners ETF (NYSE:GDX) down, among most gold and diversified miners.

The gold market was driven on Friday primarily by the news the consumer price index in China had risen 4.4 percent. That generated the rumors, speculation and panic which led to the price of gold plummeting by about $40 an ounce.

Very few companies with any significant gold exposure survived the carnage, although much of the fallout was from traders who had to sell off their long positions in gold in order to cover margin calls.

Long-term gold investors aren't concerned about this at all, as they understand a correction will happen off and on, and they're nothing less than buying opportunities to invest in more gold assets.

Market Vectors Gold Miners ETF closed Friday at $60.07, dropping $1.71, or 2.77 percent. Market Vectors Junior Gold Miners ETF ended the week at $39.18, falling Friday by $1.57, or 3.85 percent. SPDR Gold Shares closed Friday's session at $133.69, losing $3.97, or 2.88 percent.