$4,966,400,000 worth of paper gold hit the markets between 11:08 a.m. and 11:16 a.m. BOHICA seems like the right acronym…
First, here’s just how steep the drop was:
We’ve got bear flags forming:
Which means brace for another leg down if the pattern holds.
And here’s a look at the volume:
Of course, we’ve got all sorts of fundamental nightmares taking place right now between the Middle East, Venezuela defaulting, and terrorism rampant around the globe.
However, we saw this coming on Monday, because after all, most people who still have benefits at their jobs are already partying away the weekend (Don’t forget to thank a Veteran for that ability).
However, since the Saudi Purge, gold is still the winner: