Gold records one of its rarest daily drops since 2006.. What is happening in the market?
The Kobeissi Letter published an analysis about today’s sharp decline in gold prices, noting that the precious metal fell by about 3.4% in one day.
According to the analysis, the average daily change in the gold price since 2006 has been around +0.05%, while the standard deviation has been 1.19%.
This means that today’s drop registered a Z-score of -2.90, placing it among the historically extremely rare daily moves.
The analysis says that a decline with this magnitude occurs statistically in about 0.2% of days—roughly once every two years—assuming a normal distribution.
The Kobeissi Letter believes that the sharp rise in bond yields is causing exceptional turbulence in precious metals markets.
The Kobeissi Letter published an analysis about today’s sharp decline in gold prices, noting that the precious metal fell by about 3.4% in one day.
According to the analysis, the average daily change in the gold price since 2006 has been around +0.05%, while the standard deviation has been 1.19%.
This means that today’s drop registered a Z-score of -2.90, placing it among the historically extremely rare daily moves.
The analysis says that a decline with this magnitude occurs statistically in about 0.2% of days—roughly once every two years—assuming a normal distribution.
The Kobeissi Letter believes that the sharp rise in bond yields is causing exceptional turbulence in precious metals markets.
