Gold: Anatomy of a Selloff

Paper Liquidation, Dubai Logistics, and the Case for Physical Accumulation

Gold has fallen 18.6% from its all time high of $5,589 reached on January 28, 2026, hitting a low of $4,551 on March 19 before closing the week at $4,575. The weekly loss of 9.6% is the worst since September 2011, and gold is on pace for its worst month since October 2008. The mainstream narrative attributes this to a war induced flight from risk assets, but that framing misses the actual mechanics entirely.

This is not a fundamental repricing of gold. This is a paper market liquidation event driven by three converging forces.

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