What Really Happened Yesterday: Paper Gold Got Crushed Yesterday’s action was a classic case of what I call a paper panic—where the price of gold isn’t dictated by supply and demand of the metal itself, but by high-frequency mouse clicks on Wall Street. GLD, the big name in gold ETFs, got hit like a freight train. It was the third most-traded ETF of the day (that’s rare for gold), and it ended up seeing a $1.3 billion outflow—the biggest one-day dump since 2011. You remember 2011, right? That’s when the Swiss National Bank pulled a magic trick and froze the gold market in its tracks for nearly a decade. Same playbook, different decade. And it wasn’t just GLD. The miners…
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