Because gold has such a cult following, this is causing a bit of a crisis of confidence among gold bugs, who are scrambling for any explanation for gold's fall.
Here's a rundown of the things they're saying today.
1. "IT'S A FED CONSPIRACY!"
The action is gold/silver is another example of gov't confiscation. MFGlobal, Cyprus, Gold/Silver. This is what a currency war looks like.
— Max Keiser (@maxkeiser) April 15, 2013
Interesting that #Gold crash came 4 days before hearings on #Texas depository. It's like #Bernanke sent #Perry a fish wrapped in a newspaper
— Jim Rickards (@JamesGRickards) April 13, 2013
2. Gold is now 'oversold' — It's a buying opportunity.
3. All of this selling is just "paper" gold. "Physical" gold is doing just fine.
4. This gold decline is BAD news for the Fed, since it means deflation.
Gold/all commodities sell off signaling massive deflation; something Bernanke said will never happen on his watch
— Bret Rosenthal (@BretRosenthal) April 15, 2013
@thestalwart @steverattner Not real. Gold price collapse signals deflation. #Bernanke losses.
— Jayron (@Jayron26) April 15, 2013
5. Goldman!
Goldman Sachs year-end target for gold of sub-1,400/oz. they know someone will sell massive SPDR gold trust this year.
— Norman (@Norman__G) April 15, 2013
Large buying volumes of Gold around $1,400. Goldman Sachs mopping up?
— Adam Black (@AdamBla27986197) April 15, 2013
6. This is a bank conspiracy to screw Cyprus.
ZeroHedge
7. WTF!?
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