Dennis Gartman, publisher of the Gartman Letter wrote that in nearly four decades of trading gold, he had "never... ever... ever... seen anything like what we've witnessed in the past two trading sessions."
This is bad news for central banks that have been diversifying their foreign reserves to include gold.
Global official gold holdings totaled 31,694.8 tonnes as of April 2013, according to the latest report from the World Gold Council.
We pulled the numbers on the 10 biggest official reserves.
Click here to see the 10 countries being slammed by the collapse in gold >
Note: CBGA refers to the Central Bank Gold Agreements. The first Agreement (CBGA 1) ran from September 27, 1999 to September 26, 2004. The second Agreement (CBGA 2) ran from September 27, 2004 to September 26, 2009. The third Agreement (CBGA 3) will run for five years from September 2009.