Loading ...Keep in mind, gold had a great year, so a pull backs are normal every time the dollar rallies. Gold also dropped in May by about $100, inverse a dollar bounce. The people that got in early back in Dec and January were probably NOT doing the selling.
My guess is the ones that got in late and high, and saw abrupt losses, were probably the main ones selling, while the early birds are on hold, not buying. The recent buyers that want to cut losses and sell, when nobody is buying, have to take far less than normal.
The way I see it, at times the markets run out of buyers or run out of sellers causing the extremes. Lets not forget about hawkish macho and wimpy statements from TPTB, who like to whipsaw the markets (for their benefit) and keep everyone confused.