Metals are getting crushed

Precious metals are bleeding on Wednesday.

On Sunday night, gold flash-crashed with a very quick 4% plunge that sent the precious metal to a five-year low. And on Wednesday morning, gold was back near those absolute lows.

Silver was also red, palladium fell more than 2%, while platinum and copper were each 1% lower.

And following gold's plunge, analysts are getting increasingly bearish on the commodity.

Goldman Sachs now sees the price of the metal dropping below $1,000 an ounce, according to Bloomberg's Debarati Roy.

Goldman's head of commodities research Jeff Currie told Bloomberg: "With the more positive outlook on the dollar, and with debasement risk starting to fade, the demand to use gold as a diversifying asset against the U.S. dollar becomes less and less important."

Currie also said the firm prefers to approach gold "on the short side" for the longer term.