I am a bit surprised by the depth and duration of this drop in the metals and miners, but not too surprised given history.  The metals and miners always go lower that anyone ever expects, and this time is no different.

Gold has now closed 7 days under the 20 day bollinger band and today will likely make 8 days.  That is an insane number of days to close under the 20 days bollinger band and is statistically highly improbable.  No natural market does this IMO.

Back at the end of 2015, silver spent a whopping 8 days under the 20 day bollinger band.  It then drifted gently lower for a month after it closed above the 20 day bollinger band for the first time, which allowed the 20 day bollinger bands to narrow up again.  From the start of the drop, silver closed red 15 days in a row–again no natural market acts this way, and I defy anyone to find anything that has ever closed red 15 days in a row.  Not even Enron did this.  Silver subsequently stayed range bound for a month, but did not make a lower low, before taking off.

At this point, all we can do is wait for the bullion banks to decide enough is enough.