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The expression is actually, "Going, going, gone." It is used as a countdown to indicate an imminent deadline, e.g. during an action, at the end of the time allowed to buy a certain item, the auctioneer will say "going once, going twice, gone," and then strike a mallet--indicating the auction is over and final. "Going, going, gone" is simply an abbreviation of this.

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Q: What does going going gong mean?
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