Gold Crashes Below $4,000 and Peter Brandt Has a Message for Peter Schiff

Spot gold fell below $4,000 an ounce on Oct. 23 after a selloff that wiped an estimated $1 trillion off gold and silver in a single day. Gold traded at $3,998.72 early Friday in Asia, down 0.63% on the day, and briefly hit an intraday low near $3,986. That left the precious metal roughly 22% under the record of $5,110.50 it set on Jan. 26. The damage started Thursday as silver sank 5.8% and gold 2.8%, putting the latter’s lost market value at about $810 billion and the former’s at more than $190 billion. Platinum fell 4%, palladium 3.7% and copper 2.8%. By early Friday, analysts estimated the two-day wipeout had amounted to over $1.3 trillion , with silver at its lowest level in 11 months.

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