CHART OF THE DAY: The Bear Market In Gold Has Officially Begun

It’s been a rough day for gold.

Right now, it’s down about 4.1%, hovering right at the $1500 level.

Earlier, it sank below $1500 per ounce for the first time since July 2011.

After today’s big sell-off, gold is officially in bear market territory (a bear market is typically defined as a 20% drop from the highest level of the cycle).

Gold topped out at $1900.20 on September 5, 2011.

The $1520 level represents a 20% decline from that peak, and the market already smashed through that to the downside earlier this morning.

Gold bear market

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.