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

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