The summary of this wave of gold is just three sentences:

1. How did it crash?
It’s not Wosh, it’s the leverage exploding on its own. Gold prices went from 5000 to 5500 in just 3 days, RSI hit 90, and volatility surged beyond the 08 crisis. With this kind of move, everyone would have to die.
2. Is the bull market over?
No. The underlying logic hasn’t changed: central banks are still buying, US debt is still expanding, and Trump is still causing chaos. As long as “de-dollarization” continues, the long-term narrative for gold remains intact. Seeing 8000, 10000 in our lifetime is not a pipe dream.
3. Where can I get in?
Watch the gold-silver ratio. Silver is the most heavily leveraged sector and also a leading indicator. The gold-silver ratio has risen from 45 back to 67, approaching the reasonable range of 70-75 — the craziest speculative phase has probably been cleaned out.
The last line I remember:
Gold is a cloak of fear. When the streets are full of hormones and no one talks about crashes, debt, or populism, that’s when it’s time to throw it away.