Gold Futures (GCW00) experienced its worst day since 2013, falling 5.41% to $4,123.60 on October 21. This sharp decline follows a period of significant ETF inflows (+$34B over 10 weeks) and a puzzling rally where Gold rose despite falling 10-year treasury yields. Investors should monitor if this is a temporary correction from an overcrowded trade or a more significant shift in central bank gold holdings.