In mid-April, a black swan crash-landed on the gold market.

Over just two trading days, gold futures prices shed 13%, falling from $1,575 to $1,375.

That $200 cliff dive was the largest two-day drop in 33 years.

Gold prices already had been in steady consolidation mode for 18 months. But the magnitude and swiftness of this dramatic move were rare…to the point of suspicion.

How did markets react? Unlike almost anyone expected.

What caused such a landslide, and who may be behind it? More importantly, what are the implications for the precious metals markets moving forward?

The conclusions will surprise you — and help you invest more wisely.

Past as Prologue

To understand what happened, we need to first dissect the circumstances surrounding the event.

The gold futures selloff were so extreme, it's difficult not to conclude that whoever may have initiated this effort achieved exactly what was intended: a gold panic.

However, the law of unintended consequences tells us that some actions have unanticipated effects. And given the reaction in the physical gold markets, it appears the perpetrators of a gold panic (if they indeed exist) will find it difficult to achieve their goals in the future.

The Timeline