The rapidity of gold's drop is impressive, concerning, and disorderly. We have seen two other such instances of disorderly 'hurried' selling in the last five years. In July 2008, gold quickly dropped 21% - seemingly pre-empting the Lehman debacle and the collapse of the western banking system. In September 2011, gold fell 20% in a short period - as Europe's risks exploded and stocks slumped prompting a globally co-ordinated central bank intervention the likes of which we have not seen before. Given the almost-record-breaking drop in gold in the last few days, we wonder what is coming?

This is what it looked like in Q3 2008...

and in 2011...

and now...

and it seems safety is bid dramatically elsewhere as 2Y Swiss rates plunge 4bps to -7bps - their lowest in 4 months...

Charts: Bloomberg