when I Turned my computer on this morning (had been off all night)
I looked at the CPU in the bios, it was idle at 34c
then I booted windows and opened speedfan and the cpu temp spiked to 101c, then it dropped quickly to 85, and now its slowly dropping, (it normally levels out around 55-60c) once it settles it stays settled.
the time span from bios to windows 8 is about 15-20 seconds, (the jump from 35c to 100c) then the time it takes to cool to below 70c is about 10 mininutes, so its only running hot for a short time
This initial temperature spike alarms me, 100+ degrees Celsius feels like it is in the danger zone, and no alarms or beeps or crashes, it seems to be happening,
the CPU fan is spinning away, all the case fans are spinning, (hyper 212+ on the cpu, the 120mm fan is spinning at around 650-700rpm)
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Check your temps with HWMonitor, Core Temp or RealTemp. SpeedFan seems to be wrong more times than not recently with newer gen Intel CPU's, especially on Asus boards.
The fact that you get no alarms almost certainly confirms that SpeedFan is wrong.