That might be what's behind this seemingly crazy takedown of the metals.

This is a quote from Dan Norcini's current gold action chart on JSMineset.

"but with open interest revealing a HUGE number of speculators now going short in gold, the monetary authorities have accomplished exactly what they and their pals at the bullion banks intended to do. Now the bullion banks and company can move to the long side in gold and in the shares and properly position themselves for what they all know is coming." (underlining mine)

If so then it shouldn't be too much longer before this turns around.

Technically, according to Dan Norcini, the recent break of support opens the possibility of $720-730 gold.

But the heavy hitters may figure that now is their last, best chance to turn around their position for the future they well know is coming.

P.