The Phaserl


Sharpest Drop in Gold Price Since Start Of Bull Market

by Michael Noonan, Gold Silver Worlds:

As the following chart shows, the gold price has undergone a waterfall decline in the past two trading days.

With a drop in the gold price of 7.7% (a figure slightly different than the one on the chart which shows only the COMEX trading session) following Friday’s decline of 5.5%, it makes up for the sharpest drop since the start of the current bull market in the metals in 2001.

We had published the following table also in our Friday commentary to show the ferocity of the price decline not knowing we would beat all records one trading day later.

Just to show how extreme this situation is, we show in the next chart the sentiment BEFORE the historic gold price drop of the last two days. Undoubtedly, the recent decline has caused the sentiment to deteriorate even more.

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1 comment to Sharpest Drop in Gold Price Since Start Of Bull Market

  • Frank Zak

    GLD and SLV..Bollinger Bands…..
    17, 2.2….weekly…
    20, 2.0….weekly…..
    6 SMA…weekly..

    I looked at spy and tlt also, besides
    gld and slv.

    It shows the Bollingers are within 3% of a top
    for stocks and long bonds.

    I cannot help wondering if sell in May and go
    away is not very good advice. Marc Faber
    is also looking for a big correction.

    Silver and golds big correction seems to
    preclude something big.

    All the ducks are in a row.

    Be careful.

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