This Wasn’t a Normal Gold Sell-Off—and That’s the Point I’ve been around markets long enough to know the difference between a healthy correction and a setup. What we saw wasn’t driven by inflation data, interest-rate chatter, or a sudden change in gold’s long-term fundamentals. It was a liquidity event, timed for maximum damage—late on a Friday, with Asian markets closed and liquidity thin. Frank Giustra called it a “take down,” and that’s exactly how it looks to me. When leverage is high and liquidity disappears, it doesn’t take much pressure to trigger forced selling. Add in margin hikes immediately after the crash, and you’ve got a textbook flush-out. That’s how paper markets operate—and it’s why they’re so dangerous for everyday…
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