Another morning of darkness upon waking. Gold has even fallen below 3900. The reason is simple: gold is one of the most liquid assets. Given the stock market crash and the need for margin calls, it's perfectly normal for it to be sold off. Gold is the kind of asset that might underperform riskier assets during a market rally. During minor market dips, it's the first to be sold off to cover margin calls; it only rises when everyone panics and seeks safe haven during a major market crash. But during even larger declines, cash becomes highly sought after. Gold will likely only perform well in situations where it's not too dangerous, but inflation expectations are strong, and it's used to hedge against fiat currency devaluation.