New Normal?

Correct me if I'm wrong, but going back just 4 months ago wouldn't a failed bond auction have been a catastrophic event sending virtually all markets running for cover except safe haven markets?

Yet today the German Bund had a horrible auction leaving roughly 35% of bonds offered on the table..

And yet the Dax is only down about 1/2% last I checked and the Euro down about 1.00%. Both merely blips on the screen in todays volatile markets.

So my question is: Have the markets become so impervious to bad news
that it no longer has any impact or is it that things are soo bad that events such as a failed auction are insignificant in comparison or is this just the new normal in the world.

Or is there just something I'm missing?

I think european banks own about two thirds of the gold in the world. Is this why no one seems as concerned as we think they should be? I do not know, but it would seem the gold holdings have to be an ace in the hole to someone in some way.