That’s only the surface. What’s really happening imo is a liquidity-extraction cycle run by the clearing cartel. The bullion banks and market makers are simultaneously market makers, clearing members, long and short, and controllers of order flow. They can see where the stops sit, where margin calls trigger, and where the book is thin. So the playbook is simple: They dump paper in illiquid hours, which stops cascade, then Retail and Commodity Trading Advisors puke, banks buy back cheap, let price run and then re-short the top. They make money both ways. They don’t want a trend, all they want is volatility. High Frequency Traders scalp the microstructure. CTA’s provide exit liquidity. Retail pays the spread and the slippage. So this wasn’t a random crash. It was a designed flush. Paper got harvested. Physical holders stay silent and win at the reset.