Gold is finished this round. Yesterday, gold plummeted more than 2%, with London gold breaking below $5,000 per ounce.

Since the epic crash on January 30th, gold dropped from its peak of 5598 to a low of 4408, which means gold is done—this bull market has completely ended.

After that, gold did rebound and even rallied to 5400 at one point, but then it started a steady decline until yesterday when it broke below 5000.

Gold and silver experienced such violent surges and crashes at their highs that institutional money must have already escaped. Retail investors caught the bottom and got trapped. Subsequently, gold will likely see a steady decline. Those who chased the highs may end up being stuck for over a decade like the housewives who speculated on gold in the previous cycle before finally breaking even.

There's a saying: sell when the crowd is loudest, buy when no one cares.

Gold a few months ago was when the crowd was loudest. People on the street were talking about gold, even the swept cleaners were discussing it.

On the streets of Tsim Sha Tsui in Hong Kong, I saw long queues forming every day at traditional gold shops, with lines stretching 40 to 50 people deep. Such prosperity indicates that gold overheated.

To those who blindly believe gold only goes up and never down—see the big picture and drop your illusions!#Gate13周年全球庆典