And right so, here's the chart for gold...that 9% one day drop is insane. Part of me wonder if the gold people flocked to bitcoin and gold got the rug pulled out underneath.
However, gold obscures another metal, silver - the poor man's gold. Silver took a bigger hit than gold on monday, dropping 12.6%! That's a huge drop. Below is the same chart for silver.
Interestingly, the gold to silver ratio is incredibly messy with all the fluctuations between these two commodities. The ratio just hit a 1 year high but the 3 year chart shows the craziness that was 2011. The gld:slv ratio has been relatively stable since 2012. So expect silver to mirror most of gold's move...for better or for worse.
One thing I know...I'm glad I'm not John Paulson. Haha...sorry, that's just mean I guess.