A Gold Crash Everyone Saw Coming Lures Bargain Hunters Worldwide

Core Insights - Gold prices experienced a significant drop of 6.3% this week, marking the largest decline since 2013, closing at $4,113.05 an ounce after peaking at approximately $4,400 an ounce [2][6] - The recent price drop has led to increased interest from retail investors looking to buy gold, as evidenced by long queues at gold stores and reports of sold-out gold bars [3][4] - A major annual precious metal conference in Kyoto is attracting nearly one thousand professionals, indicating ongoing enthusiasm in the gold market despite recent price corrections [5] Market Analysis - Nicky Shiels from MKS Pamp SA described the gold market as "overcrowded" and "overextended," suggesting that a correction was necessary for the bull market to sustain itself [2][6] - The gold price peaked at just above $4,381 an ounce before the recent decline, which was largely isolated to the precious metals market, with other major markets remaining stable [6] - The $138.77 weekly drop in gold prices is among the largest ever recorded, highlighting the volatility and potential for rapid changes in investor sentiment [2]