With the election of Nicholas Sarkozy as president of France on Sunday, free markets seemingly triumphed over socialism and raised hopes of reviving an economy that has languished for years.

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They dropped a dizzying 12% in just 11 minutes after Asian markets opened Sunday evening Eastern U.S. time.

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Vedant Mimani, 38 years old, lead portfolio manager at hedge fund Atyant Capital, started checking up on gold prices from his Miami home well before Asian markets opened on Sunday night.

WSJ: Gold's Great Unraveling Had a Few Harbingers

The negotiations are going on Sunday with the opening of Asian stock markets looming mid-afternoon New York time.

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Stock markets around the globe were badly shaken by the potential spread of a credit crisis from the U.S. This was not lost on Middle Eastern markets which started selling-off Sunday, their first day of trading, and carried through Tuesday.

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Soon after markets reopened Monday morning in Asia, which is late Sunday in London, the selling resumed after the soft Chinese economic data.

WSJ: Gold's Great Unraveling Had a Few Harbingers

He told me that, you know, for him the only difference between Saturday and Sunday on the one hand, and Monday and Tuesday on the other, is that on Monday and Tuesday the markets are open.

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