Gold continues to be pummeled...

having broken through the 50-day moving-average at $1338...

But Gold is outperforming Silver as the ratio surges back towards pre-Brexit levels...

As we detailed earlier, it made perfect sense - someone just decided in keeping with their fiduciary duty, 0840ET was the perfect time to unleash $1.5 billion of gold notional into the futures markets....

Over 10,000 contracts dumped in 1 minute... "normal"

New low prices are bringing in some dip-buyers...

And Silver dropped on heavy volume too...