I have always found it fascinating to analyze the gold price crashes throughout history. It's not just a matter of numbers, but understanding what happens in the markets when fear takes on a different form.

Let's think about the first major crash between 1980 and 1982. In less than two years, the price of gold plummeted by 58.2%. The United States and other countries were fighting inflation by reducing gold demand, and when the oil crisis began to ease, investors no longer needed that safe haven asset. Simple but devastating.

Then came the second crash from 1983 to 1985, with a decline of 41.35%. The international economy entered a period of stability, developed economies prospered, risks decreased. When fear disappears, gold loses appeal. That’s how it works.

The third crash always strikes me more and more. March-October 2008, during the subprime mortgage crisis and the chaos of European debt. The price of gold fell by 29.5%. Funds were drained everywhere, and even the Federal Reserve started raising interest rates. At that moment, gold was no longer a refuge; it was just an asset being sold like all the others.

From 2012 to 2015, we saw the fourth crash of gold, with a loss of 39%. Do you remember the 80-ton gold fraud in April 2013? When the price collapsed, money flooded into the stock and real estate markets. Investors simply no longer wanted gold.

The fifth crash was milder, from July to December 2016, with only a 16.6% decline. But the pattern was the same: investors anticipated rate hikes in the United States and, with global economic growth, systematically sold gold.

Now I wonder if we are again at a crossroads. The US elections have already moved the gold price, and honestly, I don’t know if we will see a sixth crash or if this time will be different. History teaches us that when economic conditions change, gold always follows. The question is: what will change in the coming months?