The good news for gold bulls is that the weaker hands in the ETFs have sold out, the speculative long overhang on CME has all but disappeared and we have absorbed about 700 tonnes of leveraged selling (and we are now at levels not seen since early 2016), while the demand for physical reported by the Mints around the world are at generational lows. Indian demand is patchy and Chinese demand only adequate. I might add that the term "buy gold" on Google Trends has just slipped to a decade low. Further, gold's Relative Strength Indicator on the charts has slipped to below 24 confirming its oversold status. Not exactly blood in the streets yet - but for businesses in our space, it is certainly tough.