Gold (GLD) and silver (SLV) were smashed the first week of October 2016 at the same time when the Shanghai Gold Exchange was closed for a week. It was the perfect moment to talk about interest rate hikes and surely we saw Richmond Fed President Jeffrey Lacker tout that interest rates need to rise. This promptly induced a massive 1000 tonnes of paper gold selling.
The question is: "Are we in a correction of a bull market or are we seeing a dead cat bounce and resuming a bear market?". The chart below (source: Kitco) suggests we will see a period of consolidation before we can rise higher.