The yellow metal got slammed again today – it even hit the "death cross" – but it's just part of a much bigger sell-off that's been underway for several months.
Real interest rates are rising and fear is receding. That is the core of the bearish thesis on gold right now.
The chart below seems to be the last hope for the gold bulls, given current trends. Gold investors have advanced this argument all the time: the Federal Reserve is still printing money, and that's been great for gold.
Note the big divergence that has opened up recently – gold prices are headed south while the monetary base is doing just the opposite.
Bloomberg, Business Insider
(h/t @GreekFire23)