Normal Markets?

Gold is giving us a lesson in statistics. Today's −5.7% move is rare; a 4.46-sigma move.

In a “normal” world, that’s once every 240,000 trading days. In reality −4.67% to −6.00% occurred 34 times since 1971, i.e. in 13,088 trading days (0.26% = 1 in 385 days).

Even bigger… pic.twitter.com/2Ff9v5Mvs9

— Alexander Stahel 🌻 (@BurggrabenH) October 21, 2025